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August 1st - According to Shenzhen TV News, Shenzhens real estate market continued its active momentum from the first half of the year since July. A total of 8,324 new and existing homes were sold in July, a year-on-year increase of 13.8%. In July alone, 3,529 new homes were sold, a year-on-year increase of 32.7%. "Good housing" projects have continued to sell well this year, with an average sell-through rate of around 70% on the opening day, indicating high market activity. In July, 4,795 existing homes were sold, a year-on-year increase of 3%, accounting for approximately 60% of total new home sales.On August 1st, the Ministry of Natural Resources, the National Forestry and Grassland Administration, the China Coast Guard, and the Hainan Provincial Peoples Government jointly issued the "Management Measures for Huangyan Island National Nature Reserve." According to the measures, my country will establish a daily patrol system in the Huangyan Island National Nature Reserve to promptly investigate and punish various illegal activities. Officials from the Department of International Cooperation (Department of Marine Rights) of the Ministry of Natural Resources and the Department of Nature Reserve Management of the National Forestry and Grassland Administration stated on August 1st that the South China Sea Bureau of the Ministry of Natural Resources will assume the management responsibilities for the Huangyan Island National Nature Reserve, including daily protection and management, resource surveys and monitoring, and ecological protection and restoration. Given the reserves unique geographical location and complex and diverse ecosystem structure, the Coast Guard should work with the management agency to establish a daily patrol system, appropriately allocate patrol personnel and equipment, and promptly investigate and punish various illegal activities that damage the natural resources and ecological environment of the reserve. Related illegal activities will be investigated and prosecuted in accordance with the provisions of the Ecological Environment Code, the Law on the Administration of Marine Area Use, the Law on the Protection of Islands, the Wildlife Protection Law, the Coast Guard Law, and the Regulations on Nature Reserves.SAIC-GM-Wulings global sales reached 120,050 units in July, with 72,695 new energy vehicles sold.Jihu Auto: 23,517 vehicles were delivered in July, up 150.45% year-on-year, with cumulative deliveries exceeding 100,000 vehicles from January to July.On August 1st, Japans Ministry of Finance posted on the social media platform X that the Japanese monetary authorities have multiple tools at their disposal to meet market liquidity needs. These tools include, as appropriate, the use of the Federal Reserves Standing Repurchase Facility (FIMA), which accepts U.S. Treasury securities as collateral to provide temporary dollar liquidity. The Ministry of Finance stated, "We are prepared to utilize available tools as needed to support the orderly functioning of the market."

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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