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On January 15th, Apple announced the expansion of Apple Pays cross-border payment support. Users holding Visa credit cards issued by the Industrial and Commercial Bank of China, Bank of China, Agricultural Bank of China, Bank of Communications, China Merchants Bank, CITIC Bank, Ping An Bank, and Industrial Bank, as well as Visa debit cards issued by CITIC Bank, can use Apple Pay for cross-border payments after adding their cards to the Apple Wallet app. Visa credit cards issued by more banks, including Shanghai Pudong Development Bank, China Construction Bank, China Minsheng Bank, and China Everbright Bank, will support this feature in the coming months. Mastercard is also preparing to launch this feature for cardholders of select issuing banks in the coming months.January 15th - The National Australia Banks Q4 2025 Business Survey shows that the Australian economy is demonstrating strong resilience, with overall capacity utilization climbing to its highest level in 18 months. The banks data shows that capacity utilization rose to 83.3% in the quarter, up from 83.0% in Q3 and 82.4% in Q2. Faced with a worrying inflation outlook, the Reserve Bank of Australia (RBA) will certainly not ignore the increasingly prominent capacity bottlenecks in the economy at its February meeting. A growing number of economists are predicting an interest rate hike next month, or strategically opening the door to this possibility.January 15th - GSFM investment expert Stephen Miller stated that the Reserve Bank of Australia (RBA) has reason to raise interest rates in February. He pointed out that a significantly strong rebound in consumer spending and relatively robust labor market conditions make a rate hike more likely. If rates are not raised now, the RBA may have to take more aggressive measures in the future. He also mentioned that sluggish productivity growth and a sharp rise in unit labor costs have further exacerbated the RBAs predicament.The Peoples Bank of China (PBOC) announced today that it conducted 179.3 billion yuan of 7-day reverse repurchase operations, with both the bid and winning bids amounting to 179.3 billion yuan. The operating rate was 1.40%, unchanged from the previous rate.Hong Kong stocks opened lower, with the Hang Seng Index down 0.1%, the Tech Index down 0.55%, and Trip.com Group-S (09961.HK) down 14.98%.

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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