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UK FTSE 100 futures and German DAX futures both fell by more than 1%.On November 18th, wheat prices in producing areas continued their upward trend from the weekend, rising by 0.2-0.1 cents. The current price increase is driven by several factors, including moderate market supply, the delayed start of government-supported wheat auctions, and heightened expectations of wheat being used as a feed substitute due to the significant risk of corn contamination. As wheat demand increases, higher transaction rates and widespread premium transactions at various levels further strengthen bullish market expectations. The wheat market is experiencing intense competition between bulls and bears, and the markets momentum may continue in the short term, but caution is advised regarding the risk of a correction due to excessive buying at higher prices. Continued attention should be paid to news regarding government-supported wheat releases, the selling sentiment of grain holders, and the scale of wheat substitution for feed.The governor of the Central Bank of the Philippines said that the government is still considering whether to further lower bank reserve requirements.Philippine central bank governor: Interest rate cuts are still in the early stages and may be implemented in December.On November 18th, the Nikkei 225 index closed down 3.22%, its biggest single-day drop since April, falling below 49,000 points. The South Korean KOSPI index closed down 3.32%, with risk sentiment deteriorating and chip stocks leading the market decline.

AUDJPY continues to struggle around 94.00 despite solid Aussie jobs data

Daniel Rogers

Nov 17, 2022 11:45

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The AUDJPY pair has stayed firm around 94.00 despite the release of bullish Australian employment data. Compared to the projected 15k and the preceding release of 0.9k, the Australian Bureau of Statistics announces that the economy has added 32,200 new jobs to the payroll market. In addition, the unemployment rate has decreased from 3.6% to 3.5% to 3.4%.

 

Australian employment numbers that surpass expectations will impress the Reserve Bank of Australia (RBA). This will allow RBA Governor Philip Lowe to continue steadily hiking rates. In light of this week's release of the RBA's minutes, the central bank will maintain a rate hike structure of 25 basis points (bps) because policymakers believe the Official Cash Rate (OCR) has already been hiked in a short amount of time.

 

Nevertheless, the inflation rate has not yet reached its high, as a historic increase in price growth observed in the third quarter indicates. The Australian inflation rate increased to 7.3%, exceeding the consensus expectation of 7.0%. This prompted the RBA to hike its projected interest rate to 8%. In addition to producing increasing price pressures, a limited market is responsible for the robust purchasing power of households.

 

As Russia-Poland tensions have largely calmed and no further developments are anticipated, the risk profile is expected to diminish.

 

On the Tokyo front, an unexpected decline in Gross Domestic Product is haunting investors. In contrast to expectations of a 0.3% increase, Japan's gross domestic product decreased 0.3% in the third quarter. We were surprised by the q/q decline in the third quarter because we underestimated the impact of higher inflation, the summer wave of COVID-19 infections, and a significant weakening of the yen, which exacerbated the nation's already soaring import costs.

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