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Data released on August 25th indicated that 2.077 trillion yuan in reverse repos will mature in the open market this week (August 25-29), along with 300 billion yuan in medium-term lending facilities (MLFs) and 900 billion yuan in outright reverse repos. Wang Qing, chief macroeconomic analyst at Orient Securities, calculated that as of August 22nd, the central banks net injection of medium-term liquidity reached 600 billion yuan, double the previous months level and the largest net injection since February 2025. Wang Qing believes the central bank is likely to continue injecting medium-term liquidity into the market by increasing the amount of MLFs and combining them with outright reverse repos. Market liquidity is expected to remain stable but slightly loose, with limited room for upward movement in market interest rates.On August 24, local time, a small plane crashed in the Amazon region of Colombia in Vaupes Province, killing four people on board.On August 25th, local time, U.S. Vice President Cyril Vance stated that imposing new sanctions on Russia to pressure it to end the Russia-Ukraine conflict is not impossible, and that the United States has multiple options to pressure Russia. Vance stated that as the Trump administration pushes to end the Russia-Ukraine conflict, security guarantees for Ukraine do not include U.S. "ground troops." Vance stated that the United States will not send ground troops to Ukraine, but will continue to play an active role in ensuring that Ukrainians have the necessary security and confidence to end the conflict.ECB President Christine Lagarde: Central bank independence is crucial.Israeli military: Attacked military targets of the Yemeni Houthi armed forces in the capital Sanaa.

Following The Upbeat Australian Employment Number, AUD / NZD Rises Above1.0750

Daniel Rogers

Mar 16, 2023 14:01

AUD:NZD.png 

 

The AUD / NZD exchange rate has increased by approximately 0.50% following the release of Australia's Employment Change data for the month of February. Employment Change came in at 64.6K, compared to 48.5K anticipated and -11.5K in the prior period. The unemployment rate has decreased from 3.7% to 3.5%. Full-time employment increased significantly from -43.3K to 74.9K.

 

After two negative readings in December and January, the positive employment data will likely encourage the Reserve Bank of Australia (RBA) to implement an additional 25 basis point (bps) rate hike at their next meeting, despite indicating a pause thereafter.

 

The Gross Domestic Product (GDP) data for the fourth quarter of 2022 in New Zealand were worse than expected, with the quarterly reading at -0.6% compared to -0.2% from the previous 2% and the annual reading at 2.2% compared to 3.3% from the previous 6.4%.

 

The economic contraction was caused by stagnant consumption, a decline in real national total disposable income, and a lack of investment in the industrial sectors. The economic impact of Cyclone Gabrielle is excluded from this figure, which represents the fourth quarter of 2022.

 

The Reserve Bank of New Zealand (RBNZ) may reconsider its hawkish stance at its April 5 meeting in light of this growth data. Despite the fact that many market analysts anticipate a 25 basis point rate hike from the RBNZ in April, the upside bias for AUD / NZD remains intact as economic data for both economies continues to diverge.


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