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July 22nd - Data released by the UK Office for National Statistics on Wednesday showed that consumer prices rose 2.6% in the 12 months to June, down from 2.8% in the previous month. This is the lowest inflation rate since March last year and is also lower than the average economist forecast of 2.7%. Expectations of an end to the Iraq War led to a sharp drop in crude oil prices, which in turn drove down petrol and diesel prices last month. Food and non-alcoholic beverage prices also contributed to the overall price decline. The services inflation rate, a key indicator of domestic inflation pressure closely monitored by the Bank of England, slowed to 3.6% from 3.7%, slightly higher than expected. However, the respite for consumers from the decline in inflation may only be temporary. Economists expect a 13% increase in the ceiling for UK household energy bills in July, resulting in a slight rebound in the inflation rate. The market widely expects the Bank of England to keep interest rates unchanged next week, as it needs to balance the threat of rising energy prices with a weak labor market and sluggish economic growth.According to Irans Fars News Agency, an official in Irans Bushehr province said that two explosions occurred in the province this morning due to a US attack.On July 22, it was reported that former Venezuelan President Nicolás Maduro, along with prosecutors from the U.S. Department of Justice, jointly proposed to the court on Tuesday that the trial for the charges against Maduro be scheduled for June 2027. The two sides submitted a joint document ahead of a hearing in Manhattan federal court on Wednesday, outlining a timetable for the subsequent trial in one of the most high-profile and impactful criminal cases in the United States in recent years. However, the U.S. District Judge Alvin Hellerstein, who is presiding over the case, will ultimately decide the schedule, and both sides indicated that they may request adjustments to the timetable in the future. According to the submitted timetable, Maduros first legal motion to dismiss the charges must be filed by September 2, which is expected to include a motion citing the immunity of a head of state. After the prosecution transfers any classified evidence to the defense for review, Maduro will file a second legal motion by January 11 next year.Data from the UK National Grid shows that the Hisham 1-2 nuclear reactors have been restored to grid operation after being shut down.The UKs core CPI rose 0.3% month-on-month in June, below the expected 0.2% and the previous reading of 0.3%.

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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