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January 30th - A depreciating dollar could cause trouble for Trump and the Federal Reserve. A significant depreciation of the dollar could put the US at risk of effectively "importing" inflation. Joe Kalish, chief macro strategist at Ned Davis Research, wrote, "Trumps disregard for the dollar could backfire, undermining his economic plans and causing Republicans to lose their majority in the House." On Wednesday, Powell stated that the Fed would not discuss the dollar, adding that "the Treasury is the one that regulates the currency." Ironically, however, if inflation worsens, it might be the Feds actions that help defend the dollar. Further inflation caused by a continued dollar depreciation could prevent the Fed from lowering interest rates as Trump desires, and could even lead to rate hikes.On January 30th, the Japanese government released data on the 29th showing that, driven by soaring rice prices in the domestic market, Japans private rice imports in 2025 are projected to increase more than 90 times compared to the previous year. Data from the Ministry of Finance shows that private rice imports in Japan last year reached approximately 96,800 tons, the highest since comparable data became available in 2000, roughly 95 times the import volume in 2024. The largest source of rice imports was the United States, accounting for nearly 80%. By month, July saw the highest import volume, exceeding 26,000 tons. Over the past year, Japanese rice prices have surged, repeatedly breaking records. Data from Japanese supermarket rice price monitoring shows that in the week ending January 18th, the average price of a 5kg bag of rice was 4,283 yen (approximately 194 yuan), exceeding the previous weeks average price and remaining above 4,000 yen (181 yuan) for 20 consecutive weeks.January 30th - According to sources in Israel, as US President Trump "is about to make a decision on action against Iran," Israeli security agencies have recently significantly enhanced their defensive and offensive preparedness, closely monitoring regional developments and focusing on how to provide timely warnings to the public in the event of an Iranian attack. On the same day, senior IDF officials and security officials held their weekly situation assessment meeting, with the Iranian issue being a key focus of discussion. Israeli security officials stated that, given President Trumps recent statements and the increased US military presence in the Middle East, the US appears unwilling to allow the status quo regarding Iran to continue. Israel believes Trump may seek larger-scale action, and the Pentagon has developed related plans, with US Central Command continuing to increase troop deployments to the Middle East. An Israeli official stated that the US and Israeli militaries are maintaining coordination.According to Punchbowl, Republican senators plan a potential vote tonight to finalize the appropriations package and the Department of Homeland Securitys temporary funding bill—a sign that an agreement is imminent. While far from certain, this is undoubtedly a positive sign. It requires the cooperation of all 100 senators. An amendment vote will likely be necessary.Fitch: Geopolitical tensions exacerbate credit risk in emerging markets in 2026.

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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