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On Tuesday, August 13th, U.S. Treasury Secretary Benson expressed optimism in an interview with Fox Business Channel that the Senate would confirm Stephen Milan, current Chairman of the Council of Economic Advisers, to the temporary vacancy on the Federal Reserve Board before the Feds September meeting. Bessant revealed that President Trump is conducting a wide-ranging search for candidates to fill the permanent vacancy on the Federal Reserve Board next January and is keeping a very open mind. He even revealed that the president has considered nominating former Federal Reserve Chair Janet Yellen. "This isnt an ideological issue; its about economics—whats best for the American people and whats best for the economy," Bessant emphasized.On August 13, the Wall Street Journal reported that Federal Reserve Chairman Barkin stated that there are numerous signs that low- and middle-income consumers are facing greater financial constraints than they were a few years ago, which could curb their spending and mitigate the inflationary impact of tariffs. "The theory that the cost of (tariffs) will inevitably be passed on, leading to a surge in inflation, will have to be tested by consumer reaction," he said. "I believe consumers will accept price increases on some essential goods, but will inevitably resist price increases in other areas by downsizing or delaying purchases." Regarding the inflation outlook, Barkin noted, "We will see some inflation, but it will be milder than expected because this is not 2022, when consumers had ample cash and a strong desire to spend. The reality in 2025 is that consumers are feeling the pinch and are therefore forced to be frugal."The API crude oil production in the United States in the week ending August 8 was 43,000 barrels per day, compared with 76,000 barrels per day in the previous week.API finished oil imports in the United States for the week ending August 8 were -94,000 barrels per day, compared with -152,000 barrels per day in the previous week.The United States imported 340,000 barrels of API crude oil in the week ending August 8, compared with -136,000 barrels in the previous week.

Before the PBoC's monetary policy announcement, AUD/JPY recovers strongly from 92.00

Alina Haynes

Feb 20, 2023 11:14

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Despite a difficult start to the Tokyo session at 92.10, the AUD/JPY pair has gained momentum. The risk barometer has recovered to approximately 92.30 and is expected to continue its upward trend in the near future. Ambassador Linda Thomas-Greenfield, the US representative to the United Nations, declared on Sunday that China would cross a "red line" if it sent lethal military help to Russia in response to its invasion of Ukraine.

 

According to Reuters, recent news from public broadcaster NHK that Japan's Coast Guard said North Korea fired three projectiles that may have been ballistic missiles has compounded the already negative market sentiment.

 

When the United States conducted bilateral air exercises with South Korea and Japan in response to the North's ICBM launch on Sunday, Kim Yo Jong, the sister of North Korean leader Kim, warned against the escalating deployment of U.S. strategic weapons on the Korean peninsula.

 

Investors await the People's Bank of China's interest rate announcement for additional guidance (PBoC). Eight out of 10 economists, according to a Reuters poll published on February 17, believe that the PBoC would retain the Loan Prime Rate (LPR) at 3.65%. After the abolition of currency restrictions, China is required to maintain an expansionary monetary policy to stimulate economic growth.

 

Bloomberg stated that Goldman Sachs predicts the MSCI China Index could reach 85 by the end of 2023, a nearly 24% increase from current levels, as the nation's economic opening generates windfall advantages for corporations.

 

Notably, Australia is a major trading partner of China, and the increased economic activity in China will benefit the Australian Dollar.

 

On Tuesday, preliminary Jibun Bank PMI (Feb) data will be released, which will have a substantial impact on the Japanese Yen. The Manufacturing PMI is expected to remain constant at 48.9, whilst the Services PMI is expected to increase from 51.1 to 51.5.

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