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Japans March trade balance will be released in ten minutes.South Korea added only 74,000 jobs in April, the weakest performance since a year-on-year decrease of 52,000 in December 2024, following data released Wednesday by Statistics Korea. The job gains in February and March were both in the 200,000 range. The unemployment rate was 2.9%, unchanged from the same period last year. The number of unemployed was 853,000, a decrease of 2,000 year-on-year. By sector, employment in the health and social welfare services industry increased by 261,000 year-on-year, arts, sports and leisure-related services by 54,000, and real estate by 49,000. Employment in the science and technology services industry decreased by 115,000, and manufacturing by 55,000. Statistics Korea noted that the record decline in employment in the science and technology services industry since it was classified separately in 2013 is mainly due to the base effect of strong employment growth in previous years.On May 13, Iranian Vice President Shina Ansari stated that a suspected oil spill near Kharg Island, Irans main oil hub, was likely caused by wastewater discharge from an oil tanker, rather than a leak from oil facilities. Satellite images show the suspected spill area covers tens of square kilometers of sea near Kharg Island. According to Iranian state media, Vice President Ansari said, "Our monitoring results indicate that the pollution was caused by ballast water containing contaminants discharged from a non-Iranian oil tanker. No oil leaks were found in pipelines or oil facilities."On May 13, Yonhap News Agency reported that South Korean Defense Minister Ahn Gyu-baek stated on Wednesday that South Korea is studying a phased approach to participating in actions to ensure navigational safety in the Strait of Hormuz, signaling a preference for support without direct military involvement. Ahn stated that he conveyed South Koreas position during his meeting with US Defense Secretary Hergsays on Monday. Ahn said, "We broadly expressed this position: fundamentally, South Korea will participate as a responsible member of the international community and will assess ways to contribute in phases." Ahn indicated that phased support could include statements of political support, personnel deployment, information sharing, and the provision of military assets, but he emphasized that the two sides did not have detailed discussions on expanding South Korean military involvement. The day before the South Korea-US defense ministers meeting, South Korea condemned the attack on a South Korean-flagged vessel near the Strait of Hormuz last week. The South Korean presidential office strongly condemned the incident but stated that the investigation into the perpetrators was ongoing.South Koreas unemployment rate was 2.8% in April, compared to an expected 2.7% and a previous reading of 2.70%.

Because of bad news on Australian exports, the AUD/JPY has dropped to roughly 97.00

Alina Haynes

Sep 08, 2022 15:52

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The Australian Bureau of Statistics' announcement of disappointing trade data has sent the AUD/JPY currency pair plunging. Since Australian exports have dropped so significantly, the cross has depreciated to around 97.00. Monthly export figures for the commodity-linked currency fell 9.9 percent, well below the expansion of 5.0 percent that had been predicted. There was also an increase of 5.2% in imports, up from 0.7% in the prior report. The Trade Balance is at $8,733m, down substantially from the forecasted $14,500m.

 

The Australian dollar has risen this week against the Japanese yen due to a number of factors. First, the Official Cash Rate (OCR) in Australia was raised to 2.85% by the Reserve Bank of Australia (RBA), marking the fourth consecutive increase of 50 basis points. RBA Governor Philip Lowe has maintained the central bank's "restrictive" stance on interest rates since inflationary pressures in the Australian economy have not peaked.

 

The RBA included a strategy for bringing inflation down to target levels in its announced monetary policy. Advice on interest rates and inflationary pressures deserved rigorous scrutiny. OCE hike forecasted by RBA policymakers to 3.85%. Inflation will reach its highest point of about 7% before beginning to fall the following year. Naturally, this will deepen the existing gulf in policy stances between Australia's Reserve Bank and Japan's Bank of Japan (BOJ).

 

The next step is the release of conflicting GDP estimates. Australia's quarterly GDP came in at 0.9%, which was below expectations of 1% but higher than the prior announcement of 0.8%. The yearly figure, however, has increased to 3.6% from the estimated 3.5% and the prior print of 3.3%.

 

Optimistic GDP data in Japan have supported the bulls in the Tokyo currency market. When compared to forecasts of 2.9% and the prior figure of 2.2% on an annualized basis, the latest economic data shows a significant increase to 3.5%. Furthermore, quarterly data have been recorded at 0.9%, which is above both the 0.7% forecast and the 0.5% previous report.

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