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Market news: The Danish central bank intervened in the foreign exchange market last month, purchasing 700 million Danish kroner.U.S. Ambassador to the United Nations: U.S. President Trumps patience with Iran is running out.U.S. Ambassador to the United Nations: We call on Iran to return to dialogue and peace efforts.The UK FTSE 100 index rose 2.00% on the day. 1. EIA Natural Gas Report: As of the week ending June 26, total U.S. natural gas inventories stood at 2.922 trillion cubic feet, an increase of 87 billion cubic feet from the previous week, and a decrease of 23 billion cubic feet from the same period last year, a year-on-year decrease of 0.8%. However, it was 175 billion cubic feet higher than the 5-year average, an increase of 6.4%. 2. According to Bloomberg, since Saudi Arabia resumed tanker loading and unloading in the Persian Gulf, its crude oil exports have surged to near pre-war levels, further demonstrating that oil supplies from oil-producing countries in the region are recovering following the interim peace agreement between the U.S. and Iran. 3. Data from the U.S. Department of Agriculture shows that for the week ending June 25, U.S. net soybean export sales for the 2025/2026 marketing year were 42,000 tons, lower than the market expectation of 300,000-650,000 tons, compared to 455,000 tons the previous week; net soybean sales for the 2026/2027 marketing year were 183,000 tons, compared to 902,000 tons the previous week. 4. Nordic American Tankers: Three of its tankers have resumed international shipping operations after passing through the Strait of Hormuz, and all crew members are safe and sound. 5. Initial jobless claims in the U.S. fell slightly last week as businesses continued to avoid large-scale layoffs. The U.S. Labor Department said Thursday that initial jobless claims for the week ending June 27 were 215,000, lower than the market expectation of 220,000 and the previous weeks report of 216,000. 6. Data released by the U.S. Bureau of Labor Statistics on Thursday showed that Junes job gains fell sharply from the downwardly revised 129,000 in May, and also fell short of the 115,000 predicted by economists in a Bloomberg survey. This report marks a significant cooling in the labor market after three consecutive months of better-than-expected job growth. The unemployment rate fell slightly to 4.2% from 4.3% in May, as investors lowered their expectations for a Federal Reserve interest rate hike. 7. According to foreign media reports, a survey of 12 analysts by S&P Global Energy shows that sugar production in Brazils south-central region is expected to reach 2.21 million tons in the first half of June, a year-on-year decrease of 9.5%. Sugarcane crushing volume is expected to reach 38.35 million tons during the same period, a year-on-year decrease of 1.3%. 8. According to USDA agricultural drought monitoring data, as of June 30, 2026, the proportion of major U.S. crop-producing areas experiencing moderate to severe drought (D1+) is as follows: 19% in U.S. soybean-producing areas, down 3 percentage points from 22% last week; and up 11 percentage points from 8% in the same period last year. 9. This week, Mysteels Coal and Coke Division surveyed the profit per ton of coke at 30 independent coking plants nationwide. The national average profit per ton of coke is 47 yuan/ton; the average profit per ton of coke is 71 yuan/ton in Shanxi (quasi-first-grade), 73 yuan/ton in Shandong (quasi-first-grade), 54 yuan/ton in Inner Mongolia (metallurgical coke), and 91 yuan/ton in Hebei (quasi-first-grade coke).

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.