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A Reuters poll on August 21st showed that nearly two-thirds of economists predict the Bank of Japan will raise its key interest rate by at least 25 basis points again later this year, a further increase from over half two weeks ago. While recent news of a weakening US job market has reignited expectations of a Federal Reserve rate cut next month, 70% of analysts in the survey said this alone would not slow the Bank of Japans pace of moderate monetary tightening. In the August 12-19 survey, 67 of 73 economists (92%) predicted the Bank of Japan would keep interest rates unchanged at its September meeting. However, 45 of 71 respondents (63%) expected the central bank to raise rates by at least 25 basis points to 0.75% in the next quarter, compared to 54% in the previous months survey. Of the 40 economists who gave a specific forecast for the next rate hike, 38% chose October as the most likely date, 30% chose January next year, and 18% predicted December this year.VSTECS (00856.HK): In the first half of the year, the companys profit attributable to equity holders was HK$610 million, compared with HK$453 million in the same period last year, an increase of 34.66% year-on-year.AAC Technologies (02018.HK): The gross profit margin in the first half of the year was 20.7%, a slight decrease of 0.8 percentage points year-on-year, mainly due to changes in product structure: revenue from precision structural parts business, optical business and sensor and semiconductor business increased significantly.Reuters poll: 22 of 29 economists said they "strongly" or "somewhat" support the Japan-US tariff agreement.A Reuters poll found that 70% of economists surveyed said weak U.S. jobs data would not delay the Bank of Japans interest rate hike plans.

AUD/USD reaches 0.6920 due to upbeat Australian Trade Balance report

Alina Haynes

Jan 12, 2023 14:48

AUD:USD.png 

 

The AUD/USD pair has surged above 0.6920 after the Australian Bureau of Statistics announced monthly Trade Balance (Nov) data that was stronger than anticipated. The economic statistics has climbed to 13,201M from 10,500M as predicted and 12,217M as originally published.

 

Prior to the presentation of the United States Consumer Price Index (CPI) statistics, investors abstained from acquiring considerable holdings in the Australian dollar.

 

After back-to-back solid sessions, S&P500 futures are witnessing mild selling pressure, signaling investor concern ahead of the US inflation report. The US Dollar Index (DXY) continued to struggle at 103.00 amid a dull trading environment. In the meantime, 10-year US Treasury yields have recovered and soared past 3.56 percent.

 

Analysts at RBC Economics forecast a dramatic decrease in annual U.S. consumer price increase in December, from 7.1% in November to 6.3%. The enormous fall in energy prices is partially responsible for the abrupt decline in price rise. In December, they estimate 'core' (excluding food and energy products) price growth to decrease to 5.6% YoY from 6.0% in October.

 

In the preceding two weeks, the US Dollar Index has been battered, and only an unexpected jump in inflation data could give a buffer for the future. In a broader sense, Wells Fargo analysts estimate that inflation will fall to 2.2% YoY by the end of the year.

 

The Australian Dollar will undergo volatility with the announcement of China's CPI numbers. According to forecasts, annual CPI (Dec) is predicted to grow to 1.8% from the previous report of 1.6%. While the monthly result may fall by 0.1% compared to the prior statement of -0.2%, the previous figure was -0.2%. In addition, the Producer Price Index (PPI) may drop by 0.1%.

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