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June 21st, the Federal Reserve released new economic projections this week that predict slower economic growth and higher inflation. However, policymakers still expect to cut interest rates later this year - indicating that they do think tariffs will push up prices, but not last. However, opinions are very different: seven of the 19 officials believe that no rate cuts are needed this year, and eight believe that two rate cuts are needed, which is consistent with investors views that the Fed will cut interest rates by 25 basis points at its September and December meetings. Another two expect one rate cut and two expect three rate cuts. Fed Governor Waller and Fed Governor Barkin expressed their views on interest rates after the resolution. The former believes that interest rates will be cut as early as July, while the latter believes that there is no rush to cut interest rates. Although neither Waller nor Barkin clearly stated their specific views on interest rates, they occupied two extremes in terms of the extent to which Trumps tariffs will affect prices, employment and economic growth in the coming months.The total number of drilling rigs in the United States as of the week ending June 20 was 554, compared with 555 in the previous week.The total number of oil rigs in the United States for the week ending June 20 will be released in ten minutes.Russian President Vladimir Putin believes that Russias inflation rate will reach 7% this year.RUSSIAN PRESIDENT VLADIMIR PUTIN: (When asked whether the conflict with Ukraine is weakening the Russian economy) Rumors of the collapse of the Russian economy are greatly exaggerated.

AUD/JPY declines below $90.00 as market focus shifts to China's official PMI data

Daniel Rogers

Dec 30, 2022 11:32

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The AUD/JPY pair has abandoned the psychological support at 90.00 during the Asian session. As a spike of Covid-19 instances in China drives other countries to implement severe safety procedures for Chinese immigrants, the risk barometer has detected a sell-off. An increase in the number of Covid cases in China has a negative impact on the Australian currency, since more supply chain disruptions may limit trade activity.

 

In an effort to alleviate supply chain constraints, the declaration that China will reopen in January 2023 has generated new difficulties. Major nations are requiring negative Covid reports on Chinese immigration in order to safeguard themselves from the outbreak. During a briefing on Thursday, the head epidemiologist at China's Center for Disease Control and Prevention (CDC) warned that Covid is expected to spread over the holiday season.

 

In addition to the Covid scenario, investors are concerned about China's official PMI data, which will be revealed next weekend. The consensus forecast for the Manufacturing PMI from the National Bureau of Statistics (NBS) is 49.2, up from the previous reading of 48. Non-Manufacturing PMI is forecast to outperform the previous report by a wide margin, as the current economic data is anticipated to be 51,4 versus 46,7.

 

Australia is China's most important trading partner, and economic uncertainty in China leads the Australian Dollar to fluctuate.

 

The Japanese Yen is gaining ground in Tokyo despite the beginning of funds-supplying operations against pooled collateral by the Bank of Japan (BoJ) on Thursday. On January 4, the Bank of Japan will provide around one trillion yen at zero percent interest.

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