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According to iPaper: British Prime Minister Burnham may deliver another Kings Speech to outline his governments new priorities.On August 3rd, the dollar continued its decline on Monday as joint intervention by the US and Japan in the currency market supported the yen. However, the root cause of the dollars recent weakness can be traced back to last weeks Federal Reserve meeting. At that time, the Fed decided to keep interest rates unchanged, raising questions about the new Chairman Warshs ability to combat inflation. ING FX strategist Francesco Pesole said, "It all started after the Fed meeting, when the market held a large number of long dollar positions. Positioning indicators show that short-term investors are generally heavily long on the dollar." Some strategists pointed out that to avoid further pressure on the dollar, the US Treasury might use euros instead of dollars to fund its yen purchases. Pesole said many traders are considering whether to shift to building long-term short dollar positions. However, he believes that Japans intervention in the currency market is only a temporary measure, and the Feds policy will ultimately determine the dollars trajectory. Jefferies strategist Mohit Kumar pointed out that if oil prices do not fall significantly, the Feds inaction on inflation will undermine Warshs credibility. Furthermore, he said, "Besides intervention, I think the fundamentals remain unfavorable to the yen and favorable to the dollar. The pressure on the Fed to raise interest rates will continue to increase."On August 3rd, Xiabuxiabu Group (00520.HK) released its interim results forecast for the six months ended June 30, 2026. The announcement shows that the Group expects to achieve operating revenue of approximately RMB 1.5 billion in the first half of the year, a decrease of approximately 23% compared to the same period in 2025. The Group expects a net loss of RMB 29 million to RMB 39 million, compared to a net loss of RMB 81 million in the same period last year, representing a year-on-year narrowing of losses by 51% to 64%. The results forecast also shows that the Groups asset impairment losses for closed and long-term loss-making stores decreased by approximately 30% compared to the same period in 2025.Kazakhstan plans to sell up to $300 million in foreign exchange from its oil fund in August.European Commission President Ursula von der Leyen: We must do more to strengthen border control, including close monitoring and physical barriers.

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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