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On May 6, Weissman, chief economist and portfolio manager at MFS Investment Management, said in a report that Federal Reserve Chairman Powell will almost certainly express a wait-and-see attitude at this weeks meeting. The confusion of US tariff policy makes the future macroeconomic outlook particularly difficult to predict. The Fed will also note that tariff-induced inflation, even if theoretically regarded as temporary, may produce more persistent actual inflation. Therefore, if there is no clear signal that the economy is weakening substantially, the Fed will be reluctant to ease policy. In other words, in the absence of actual economic deterioration, the Fed may postpone interest rate cuts if necessary.Switzerlands seasonally adjusted unemployment rate for April will be released in ten minutes.On May 6, Leapmotor (09863.HK) official blog announced that from May 1 to May 5, the orders for the entire series exceeded 18,000 units. On May 5, the orders for the entire series exceeded 3,700 units in a single day, and the C11 product alone reached 1,099 units in a single day.Futures news on May 6: 1. The trading volume of WTI crude oil futures was 929,733 lots, a decrease of 14,635 lots from the previous trading day. The open interest was 1,958,593 lots, an increase of 15,586 lots from the previous trading day. 2. The trading volume of Brent crude oil futures was 182,623 lots, a decrease of 28,787 lots from the previous trading day. The open interest was 176,096 lots, an increase of 1,171 lots from the previous trading day. 3. The trading volume of natural gas futures was 491,717 lots, an increase of 76,860 lots from the previous trading day. The open interest was 1,510,742 lots, an increase of 10,387 lots from the previous trading day.According to Interfax: Kazakhstans national oil transporter KazTransOil said that Kazakhstans crude oil exports to Germany increased to 160,000 tons in April.

AUD/JPY bulls cheer China-inspired optimism; Japan data near 89.50 are mixed

Daniel Rogers

Dec 27, 2022 11:12

 AUD:JPY.png

 

The AUD/JPY pair creeps higher around 89.50 as bulls capitalize on the cautious Christmas market optimism. In doing so, despite the most recent dip, the cross-currency pair extends Friday's gains to hit weekly highs.

 

Nonetheless, the price increase may be linked to the risk-on market mentality, which was mostly driven by China, as well as lowering expectations of hawkish actions by the Bank of Japan (BOJ).

 

As on January 8, China no longer requires inbound travelers to undergo COVID quarantine. In addition to geopolitical concerns from Russia and North Korea, the news contributed to the market's cautious optimism. S&P 500 Futures advance intraday by 0.60 percent to 3,892, while 10-year US Treasury rates remain slow at roughly 3.74% as of press time.

 

After the central bank adjusted monetary policy last week, Governor Haruhiko Kuroda and Prime Minister Fumio Kishida of the Bank of Japan (BOJ) and Prime Minister of Japan (PM) Fumio Kishida, respectively, attempted to calm hawkish expectations. According to Kuroda of the BOJ, however, the broadening of the yield band is not a forerunner to an easy policy exit. In a similar spirit, Japanese Prime Minister Kishida ruled out the BOJ and government amending the central bank statement.

 

In terms of the facts, Japan's Unemployment Rate declined to 3.5% in November compared to the 3.6% predicted previously, while the Jobs / Applicants Ratio for the same month was 1.35 compared to the market prediction of 1.35. In addition, year-over-year growth in Retail Trade fell to 2.6% from 2.8% anticipated and 4.0% earlier.

 

A quiet schedule ahead of Saturday's official China PMIs and year-end market inaction will restrict AUD/JPY movement moving forward.


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