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February 20th - A PMI survey shows that the recovery momentum of UK businesses since the beginning of 2026 has continued for the second month, but service sector companies are still laying off large numbers of workers, partly due to higher taxes imposed by the Labour government. The UKs preliminary composite PMI rose to 53.9 in February from 53.7 in January, the highest level since April 2024. Chris Williamson, chief global business economist at S&P Global, said: "The preliminary purchasing managers index data for February further suggests that the UK economy is showing an encouraging trend at the start of the year." "Bank of England policymakers will be encouraged by increasingly strong signs of economic growth. However, the relatively mild upward pressure on prices and the persistent, worrying weakness in the labor market are likely to prompt calls for further interest rate cuts."The UKs preliminary composite PMI for February was 53.9, below the expected 53.3 and the previous reading of 53.7.The UKs preliminary services PMI for February was 53.9, below the expected 53.5 and the previous reading of 54.The UKs preliminary manufacturing PMI for February was 52, below the expected 51.5 and the previous reading of 51.8.On February 20th, Iranian Oil Minister Mahmoud Paknejhad stated regarding the ongoing negotiations between Iran and the United States that "anything is possible" for cooperation between the two countries in the oil and gas sector. However, he pointed out that it remains unclear whether oil and gas cooperation between Tehran and Washington will officially commence. Previously, Iranian Foreign Ministry officials had revealed that the negotiations with the United States included shared interests in the oil and gas sector, joint ventures in oil fields, mineral investments, and aircraft purchases.

Prior to the release of Australian employment data, the AUD/JPY pair attempts to regain 89.00

Alina Haynes

Apr 12, 2023 13:44

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The AUD/JPY pair attempts to reclaim the critical resistance level of 89.00 during the Asian session. Kazuo Ueda, the governor of the Bank of Japan (BoJ), has advocated for an extension of the already decade-long ultra-loose monetary policy in order to consistently achieve an inflation rate above 2%.

 

The decelerating Producer Price Index (PPI) contradicts the optimistic outlook of the Japanese government regarding wage growth. As expected by market participants, the March PPI did not change. The annual PPI came in at 7.2%, which was higher than the consensus estimate of 7.1% but lower than the previous release of 8.1%. The inability of companies to sustain accelerating production rates at factory gates is indicative of weak household demand.

 

Analysts at Commerzbank anticipate that the Japanese Yen will only appreciate over the long term if the current monetary policy is abandoned quickly.

 

Regarding the Bank of Japan's (BoJ) Yield Curve Control (YCC), the IMF has stated that allowing more flexibility in YCC could have repercussions for global markets, but it could also prevent future policy shifts that could result in significant spillovers.

 

Investors are awaiting the March Employment Report for fresh impetus in the Australian Dollar. The market expects the Australian economy to add 20,000 employment, which is less than the previous estimate of 64.6K. While the Unemployment Rate is expected to rise to 3.6% from 3.5% in February, it is anticipated that the Unemployment Rate will increase to 3.6%.

 

Governor Philip Lowe of the Reserve Bank of Australia (RBA) has left the door open for additional rate hikes if Australian inflation persists, so the publication of stronger-than-expected employment gains could reignite fears of additional rate hikes.

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