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June 14 - Israeli forces launched another airstrike on the southern outskirts of Beirut, the Lebanese capital, today (June 14). This comes after Iran launched a missile strike against Israel that evening following an Israeli attack on Hezbollah targets in the southern suburbs of Beirut on June 7.Preliminary forecasts indicate that the proposal to cap Switzerlands population at 10 million has approximately 45% support, while the opposition votes are around 55%.Libyas National Oil Corporation: Mabrook oil field production has reached 30,000 barrels per day.Reuters reported on June 14, citing a senior Iranian official, that Tehran has agreed not to produce or acquire nuclear weapons under a draft memorandum of understanding with the United States. Prior to a final agreement, Iran has agreed to maintain the status quo regarding its nuclear program, including refraining from uranium enrichment or expanding its nuclear facilities. The draft agreement includes the US agreeing to Tehran diluting its stockpile of highly enriched uranium, with the relevant mechanisms to be discussed within the next 60 days; the US will waive oil sanctions on Iran for a specific period, allowing Iran to sell oil and generate revenue; Iran will immediately reopen the Strait of Hormuz for all merchant ships, and the US will lift its naval blockade; the US has agreed to unfreeze $25 billion in Iranian assets, including through direct cash transfers, regional cooperation, and credit lines. Furthermore, the draft agreement stipulates that the US will not impose any new sanctions on Iran until a final agreement is reached.Preliminary forecasts indicate that Swiss voters tend to oppose the proposal to cap the population at 10 million.

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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