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May 4th - During the May Day holiday, short-distance cross-border travel between Guangdong, Hong Kong, and Macao saw another surge. According to statistics from the Gongbei Border Inspection Station, from May 1st to 3rd, the station processed over 1.23 million inbound and outbound passengers traveling between Zhuhai and Macao through the Gongbei Port. As a core hub for interconnectivity within the Guangdong-Hong Kong-Macao Greater Bay Area and a key gateway connecting the mainland and Macao, the Gongbei Port has seen a continuous increase in passenger traffic this year, vividly demonstrating the vibrant integration and development of the Greater Bay Area.The UK Maritime Trade Operations Office: The maritime security threat level in the Strait of Hormuz remains critical due to ongoing regional military operations. Seafarers in the area should be aware of increased naval presence, enhanced force protection posture, potential VHF calls, and congestion near anchorages.Indonesias Statistics Agency: The Consumer Price Index rose 2.42% year-on-year in April.On May 4th, the Organization of the Arab Petroleum Exporting Countries (OPEC) issued a statement on May 3rd confirming that the United Arab Emirates (UAE) had officially withdrawn from the organization. The statement said that the OPEC Secretariat had received a letter from UAE Energy Minister Suhail al-Mazrouei to the current Chairman of the Council of Ministers, announcing the UAEs decision to withdraw from the organization, effective May 1, 2026. Previously, on April 28th, the UAE announced its withdrawal from the Organization of the Petroleum Exporting Countries (OPEC) and OPEC+, effective May 1st. OPEC was established in 1968, headquartered in Kuwait, and aims to promote cooperation among its member countries and strive to maintain reasonable oil prices. The organization includes Saudi Arabia, Qatar, Kuwait, Algeria, Bahrain, Egypt, and Iraq as its member states.On May 4th, European Central Bank Governing Council member Winsch stated that Europe is "naively" believing that the free-market economic model can survive the global transformation driven by the United States. He pointed out that EU policymakers are still pursuing goals such as open markets and limited state aid, but these goals no longer reflect the geopolitical realities shaped by Trumps "America First" policies. "Open trade and strict state aid rules are feasible in a rules-based world," Winsch said. "But that world has disappeared, and if you cling too tightly to a world that has disappeared, you are being naive." At the heart of his argument is that Europe has failed to internalize the fact that the global economy has moved away from a level playing field. He said that US protectionist policies have reshaped this landscape. "The world has changed, and we cannot keep doing the same things and giving the same answers, and these issues have failed to some extent in the past."

The AUD/JPY exchange rate fluctuates below 90.00 as investors await BoJ action

Alina Haynes

Jan 18, 2023 15:03

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In the early Asian session, the AUD/JPY currency pair is bouncing violently in a narrow range below the resistance level of 90.00. Before the Bank of Japan introduces its first monetary policy of CY2023, the risk barometer indicates a sideways auction (BoJ). The AUD/JPY exchange rate reflects the consolidation of the AUD/USD, indicating an uncertain risk profile.

 

Investors anticipate that the Bank of Japan (BoJ) will not alter its policy stance on Friday, as doing so would increase financial market risk and hinder efforts to boost inflation. Previously, the Bank of Japan (BoJ) announced that the central bank will review the negative side effects of the decade-long ultra-loose monetary policy, generating the impression that the central bank is eager to abandon the easy policy.

 

The experts at Standard Charted expect the Bank of Japan to hold both the policy balance rate and the 10-year yield goal at their present levels of -0.1% and 0%, respectively. The recent decision to expand the 10-year JGB band to +/-50 bps (from +/-25 bps) will be evaluated by policymakers at the December meeting.

 

The replacement of current Governor of the Bank of Japan Haruhiko Kuroda will be widely followed. The next BoJ governor nominee is anticipated to be presented to the Japanese parliament on February 10, Reuters reported on Tuesday. Amamiya, Nakaso, and Yamaguchi are regarded as leading C.banking candidates.

 

Thursday is the expected publication date for Australian employment statistics, which investors are monitoring. The Unemployment Rate is expected to remain constant at 3.4%, according to the majority of economists. Aside from this, the Australian economy must have added 22,500 new jobs to the labor market in December, a down from the prior rises of 64K.

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