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On July 27, a Yemeni government naval official said that a naval patrol boat was attacked by Houthi rebels in the Red Sea off western Yemen that day, and three people on board were missing. The official, who declined to be named, said the patrol boat was returning from a military mission when it was attacked by armed men on several small boats near Zugayal Island. The patrol boat was destroyed, and the three people on board went missing. The official said the attack was carried out by the Houthis, but provided no evidence. The Houthis have not yet issued any statement or comment on the incident. The Yemeni government forces previously stated that they thwarted an attempt by several Houthi armed vessels to approach Zugayal Island. Zugayal Island is strategically important, located approximately 52 nautical miles (96 kilometers) from the Yemeni Red Sea port city of Hodeidah.On July 27, President Xi Jinping spoke by phone with Brazilian President Lula da Silva at the latters request. Xi emphasized that, facing new circumstances and challenges, China and Brazil, as important members of the BRICS South, should firmly stand on the side of historical righteousness and the progress of civilization, and play a greater constructive role in reforming and improving the global governance system and upholding international fairness and justice. Both sides should work together to promote high-quality development of BRICS cooperation, accurately grasp the direction of cooperation, maintain the momentum of unity, achieve more fruitful results, and write a new chapter of unity and self-reliance in the BRICS South. China highly values Brazils international status and important influence, supports Brazil in safeguarding its sovereignty and independence, opposes external interference, and will contribute to maintaining regional and global peace and stability.Piper Jaffray: Raises its price target for Thermo Fisher Scientific (TMO.N) from $510 to $600.On July 27th, according to foreign media reports, Malaysian palm oil futures prices fell on Monday, after reaching their highest level in 15 weeks in the previous trading session. The market was under pressure due to declines in the prices of competing oils and crude oil. The October palm oil futures contract fell 39 ringgit, or 0.83%, to 4,683 ringgit per metric tonne (approximately US$1,147.79). The US and Iran suspended military operations over the weekend following two weeks of continuous attacks. This news raised hopes for a diplomatic solution to de-escalate the conflict and allow shipping to resume in the Strait of Hormuz. Oil prices consequently fell by 5%. Weaker crude oil futures reduced the attractiveness of palm oil as a feedstock for biodiesel. Soybean oil futures on the Dalian Commodity Exchange fell 0.99%; palm oil futures fell 1.35%. Soybean oil futures on the Chicago Mercantile Exchange fell 1.36%. According to ITS estimates, Malaysian palm oil product exports increased by 15.9% from July 1st to 25th compared to the previous month. AmSpec is expected to release its statistics later that day.JPMorgan Chase raised its target price for Honeywell (HON.O) from $250 to $262.

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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