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On August 30th, SK Hynix CEO Guo Luzheng stated that the company remains open to further investment in the US semiconductor industry, while predicting that the global memory chip shortage will continue until the end of 2030. "We are always open to more investment, but no decisions have been made yet," Guo Luzheng said. He stated that SK Hynix is searching globally for potential sites that can meet its R&D and testing needs, noting that electricity, water resources, and government incentives are key considerations. Guo Luzheng said, "We are open to any location that can provide sufficient infrastructure and resources." He also expressed hope that the company will bring "more good news" to the US artificial intelligence industry in the future.On August 30th, Ontario Premier Doug Ford unveiled a new plaque for Lake Ontario on Saturday afternoon. This came just days after US President Trump renamed one of North Americas Great Lakes "Lake America." Fords move comes amid escalating trade tensions between Canada and the United States. Ford reiterated that Ontario will "never back down" and will always defend its interests. Ford stated, "Trump can call it whatever he wants, but I can tell you, the rest of the world will always call it Lake Ontario." He added, "Ive received many calls from governors who say, Well always call it Lake Ontario, and obviously, Canada will always call it Lake Ontario. Thats the message we want to send to President Trump."Explosions were heard in Kyiv, the capital of Ukraine, on August 30. Air raid sirens had been sounded earlier in the city.The U.S. National Hurricane Center: Karinas intensity is approaching hurricane level and she continues to move toward more favorable conditions.According to Irans Press TV, security sources stated that claims about large quantities of oil being transported via the southern route through the Strait of Hormuz are inconsistent with the facts. The claims that the US is transporting oil through the southern Strait of Hormuz are a strategy to lower energy prices.

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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