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Eurozone bond yields rose 3-4 basis points after a European Central Bank survey showed that consumers significantly raised their inflation expectations in March.On April 28, the State Council Information Office held a regular policy briefing to introduce the "Opinions on Promoting the Expansion and Quality Improvement of the Service Industry." Shen Zhulin, Vice Chairman of the National Development and Reform Commission, stated that during the 15th Five-Year Plan period, local governments will be guided to promote the construction of urban parking facilities in a categorized manner, with a focus on older residential areas. This will involve revitalizing existing resources and exploring idle and marginal land resources to support the construction or renovation of parking facilities, thereby helping to address the parking difficulties.April 28 – A survey released by the European Central Bank (ECB) on Tuesday showed that eurozone banks tightened credit access in the three months to March and expect it to continue tightening this quarter, driven by the Iranian conflict pushing up energy prices and financing costs. The ECBs quarterly bank credit survey of 21 eurozone countries showed that financing conditions began to deteriorate after the outbreak of the conflict in Iran in late February. Banks tightened their lending standards more than expected, particularly for businesses, the most significant tightening since the third quarter of 2023. The ECB stated, "A rise in risk perceptions of the economic outlook and a decline in banks risk tolerance were the main reasons, with banks noting in an open-ended question that geopolitical and energy developments put pressure on credit tightening." The bank added, "Some banks also reported additional tightening pressure related to exposure to energy-intensive businesses and the Middle East." The ECB said that banks expect credit standards to tighten "generally and more significantly" further in the three months to June.On April 28, Ke Jixin, Vice Minister of Industry and Information Technology (MIIT), stated at a State Council policy briefing that the MIIT will further implement General Secretary Xi Jinpings important instructions on service industry development and the spirit of the National Service Industry Conference, promoting the extension of producer services towards specialization and the high end of the value chain, and accelerating the innovative development of the software and information technology service industry. Specifically, regarding the application of artificial intelligence in the information service industry, the MIIT will launch a special action plan for "Artificial Intelligence + Software," accelerate the research and application of intelligent programming, and cultivate new business models such as Model as a Service (MAS) and Intelligent Agent as a Service (IAS). The MIIT will further strengthen the construction of the open-source ecosystem and promote the intelligent upgrading of basic software and industrial software. It will also deepen the implementation of the Industrial Internet Innovation and Development Project, orderly promote the deployment of computing power and the construction of edge computing power, and improve the intelligent computing cloud service system. Finally, the MIIT will implement the Industrial Data Foundation Building Action, constructing a number of high-quality datasets in the industrial field.On April 28, Zhang Li, Assistant Minister of Commerce, stated at a State Council policy briefing that China has been and will continue to improve the negative list management system for cross-border service trade, proactively aligning with high-standard international trade and economic rules, orderly relaxing market access restrictions in the service sector, breaking down barriers to cross-border service trade, and promoting the convenient and safe flow of capital, personnel, data, and other factors closely related to service trade across borders. China will also coordinate the construction of major open cooperation platforms such as national service trade innovation and development demonstration zones, strengthen institutional innovation and policy integration, and generate a number of replicable and scalable demonstration experiences.

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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