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September 22 - According to three sources familiar with the matter, the United States plans to reactivate a former Cold War-era military base in southern Greenland and establish a military presence at a base on the east coast currently used by a Danish dog sled patrol, under an agreement to be signed on Tuesday by the US, Denmark, and Greenland. Two of the sources identified the locations as Nassarsuwak and Mestersweg. Denmark, Greenland, and the United States are expected to sign the new agreement at the United Nations General Assembly in New York at 10:30 a.m. ET on Tuesday (10:30 p.m. Beijing time). Denmark stated that the agreement places Arctic security under the oversight of the NATO military defense alliance, rather than solely on the responsibility of the US and Denmark.Three sources familiar with the matter revealed that the United States plans to reopen a military base in southern Greenland and establish a second military base in eastern Greenland.European Central Bank Chief Economist Lane: A second wave of energy price increases will lead to higher inflation, which is expected to gradually fall back to the target level from mid-2027.Lockheed Martin (LMT.N) has been awarded a $1.2 billion contract after completing its second sea test of the Precision Strike Missile Increment 2 (PRSM) and plans to conduct more flight tests in 2027.European Central Bank Chief Economist Lane: As long as the energy shock does not worsen, the European economy should continue to grow at a stable but moderate pace.

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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