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On August 9th, a Reuters poll of economists predicted that the U.S. overall CPI annual rate would fall to 3.4% in July from 3.5% in June, while the core CPI annual rate would fall to 2.5% from 2.6% in the previous month. Economists at Citigroup believe that, as expected, if inflation readings soften for the second consecutive month, it would mean that more than one months data points to easing inflationary pressures, essentially ruling out a September rate hike. However, economists also expect core services inflation to rise slightly in July, with prices increasing by 0.3% month-on-month. This figure was flat in May and June. Bank of America analysts stated that the rebound in core services indicators may keep a September rate hike on the table. Analyst Kate Duguid said that if the latter view prevails, and inflation data is lower than expected, then the Feds rate hike may be postponed until December or later.According to Sky News: Yemeni sources say the Houthi rebels fourth wave of missile and drone attacks targeted government positions in the port of Mocha and its outskirts.According to the Syrian state news agency, the Syrian Foreign Ministry stated that Syria and Russia will begin restructuring Russias presence along the Syrian coast within the framework of a memorandum.Hamas senior official Bassem Naim: It is expected that mediators and the United States will pressure Israeli Prime Minister Netanyahu and his government to adhere to the roadmap.Sources say four Yemeni government soldiers were killed in a Houthi attack.

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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