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On May 7th, the State-owned Assets Supervision and Administration Commission of the State Council (SASAC) held an enlarged meeting on May 6th. The meeting emphasized the need to adhere to a problem-oriented approach, accurately grasp the direction and focus of basic research in central enterprises, and strengthen basic research systematically and systematically based on national needs. It stressed guiding central enterprises to focus on applied basic research, leveraging their industrial and demand-driven advantages to promote the integration of the entire "science-technology-engineering-industry" chain. The meeting also emphasized strengthening overall planning, using the origin of original technologies as a starting point, and continuously exerting efforts in solving fundamental scientific problems, deploying strategic frontier technologies, and strengthening the supply of common technologies. Furthermore, the meeting stressed the importance of effectively cultivating high-level talent, increasing R&D investment, and building high-level platforms for basic research in central enterprises to drive the overall improvement of their basic research capabilities. The meeting called for pooling resources from all parties to promote stronger basic research in central enterprises with greater力度 and more concrete measures, strengthening collaboration with relevant departments, promoting the implementation of policies for investors, further deepening the reform of state-owned assets and enterprises, encouraging enterprises to be bold in innovation, and further stimulating the intrinsic motivation of researchers to engage in basic research, so as to make due contributions to achieving high-level scientific and technological self-reliance and building a strong science and technology nation.The yield on Japans two-year government bonds fell 1.0 basis point to 1.370%.May 7th Futures News: Economies.com analysts latest view: Brent crude oil futures have continued to decline in recent intraday trading. While the market had previously escaped oversold conditions, the Relative Strength Index (RSI) has begun to show a negative crossover signal. This opens up room for further declines in the short term, especially given that prices have remained below the 50-day moving average (EMA50) and previously broke below the short-term uptrend line; downward pressure remains.May 7th Futures News: Economies.com analysts latest view: WTI crude oil futures prices edged lower in the latest intraday trading session. The oversold condition of the Relative Strength Index (RSI) has eased, but the market still has room for further declines in the short term. Selling pressure remains dominant after prices broke below an important short-term uptrend line. Crude oil prices continue to trade below the 50-day moving average, which now acts as dynamic resistance, limiting any potential rebound. Unless oil prices regain their footing above key technical levels and resume upward momentum, these factors will reinforce the current bearish outlook.Futures News, May 7th: Economies.com analysts latest view: Spot gold continued its upward trend in the latest intraday trading, currently challenging the resistance level of $4700, which was our target price set in previous analysis. Gold prices have been trading above the 50-day moving average, supporting this upward momentum and reflecting strong upward momentum. Furthermore, gold prices previously broke through a minor descending channel that had been limiting its movement, a technical signal that reinforces the continuation of the recent rally. Despite the optimistic outlook, some potential pressure is emerging as the Relative Strength Index (RSI) has begun to show negative signals after reaching severely overbought levels, which could limit the ability of prices to continue rising at the same pace.

AUD/JPY Exceeds 90.30 As RBA Considers Option To Raise Rates Prior To Pause

Daniel Rogers

Apr 18, 2023 14:02

AUD:JPY.png 

 

Following the release of the minutes from the Reserve Bank of Australia (RBA), the AUD/JPY pair surged above the 90.30-point critical resistance level. According to the RBA minutes, policymakers actively considered the decision to raise rates further. However, the decision to maintain the status quo was made after the collection of additional data.

 

Citing the resilience of Australia's financial system, RBA policymakers believed that the Board's future cash rate decisions would depend on the global economy, household spending trends, inflation projections, and employment forecasts.

 

Continue to monitor China's Gross Domestic Product (GDP) statistics. Compared to its stagnant performance in the final quarter of CY2022, the Chinese economy is estimated to have grown by 2.2%. Compared to the previous annual growth rate of 2.9%, the current annual growth rate for the economy is 4.0%. Australia is China's greatest trading partner, and stronger Chinese GDP data would strengthen the Australian Dollar.

 

The announcement of the People's Bank of China (PBOC) interest rate decision later this week will be crucial. Last week, the People's Bank of China pledged to provide additional monetary support to spur retail demand. Despite the reopening of China's economy following a period of economic restraint, the country's inflation rate has been consistently declining over the past few months.

 

According to Jiji news and Reuters, the Bank of Japan is reportedly considering a projection for consumer price growth between 1.6% and 1.9% for the 2025 fiscal year, a move seen as preventing market participants from betting on the central bank's departure from stimulus. This has also delayed the possibility of a shift away from an expansionary monetary policy, which cannot be considered until the Japanese inflation rate persists above 2%.


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