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January 13th - Market analyst Jeremy Boulton stated that if US inflation data released on Tuesday pushes up the dollar, Japanese authorities may be forced to intervene to support the yen, as they believe the yen has fallen too much. Since last weeks US jobs report, market expectations for a Federal Reserve rate cut have weakened, now anticipated at only 25 basis points, and the potential terminal interest rate for this easing cycle has risen from 3.0% to 3.25%. If December inflation data exceeds economists forecasts of 2.7% year-on-year (with a range of 2.5% to 2.9%), this market expectation will be further strengthened. Ironically, there are currently almost no speculative positions in the market (net yen positions are approximately $200 million), and exchange rate volatility has decreased significantly over the past year. Japanese intervention at this time could create rather than suppress volatility. However, given Japans history of large-scale interventions in similar situations, any data that further strengthens the dollar could trigger a new round of intervention.On January 13th, Meta Platforms (META.O) announced over 1,000 layoffs at its Reality Labs division as part of the companys strategy to shift resources from virtual reality (VR) and metaverse products to artificial intelligence (AI) wearable devices and mobile phone features. According to an internal memo from Chief Technology Officer Andrew Bosworth, employees began receiving layoff notices Tuesday morning. Previous reports from foreign media indicated that the layoffs would affect approximately 10% of Reality Labs roughly 15,000 employees. A Meta spokesperson stated, "We mentioned last month that we would be shifting some investments from metaverse to wearables. This layoff is part of that strategy, and we plan to reinvest the saved resources to support the growth of our wearables business this year."According to Hong Kong Stock Exchange documents, Shanghai Sunmi Technology Group Co., Ltd.-W has submitted a listing application to the Hong Kong Stock Exchange.Meta Platforms (META.O) has begun cutting more than 1,000 jobs in its Reality Labs division. Meta will begin notifying employees of the layoffs on Tuesday morning.According to Hong Kong Stock Exchange documents, Shanghai Shengsheng Pharmaceutical Cold Chain Technology Co., Ltd. has submitted a listing application to the Hong Kong Stock Exchange.

The AUD/USD has dropped from its monthly high at 0.6990 due to poor Australian PMIs and a rebound in the DXY

Alina Haynes

Jul 22, 2022 14:50

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After retesting the monthly high earlier in the day, the AUD/USD continued to slide in Friday's Asian trading. It drops back down to where it started the day, at 0.6916. Recent declines in the Aussie pair may be attributable to the poor prints of Australia's flash readings of S&P Global PMIs for July. The resurgence of the US dollar in the face of pessimistic attitude also affects the pair.

 

S&P Global Manufacturing PMI for Australia dropped to 55.7 in July from 56.2 in June and the 56.4 forecast. Additionally, the S&P Global Services PMI dropped to 50.4 during the mentioned month, which was below the 55.0 consensus and the 52.6 readings seen previously. Moreover, the S&P Global Composite PMI has dropped from 52.6 in prior readings to 50.6 today.

 

Conversely, as risk aversion returns to the market, the US Dollar Index (DXY) is gaining bids and is on track to revisit its intraday high at 106.70, up 0.12% on the day. It's worth remembering that the DXY dropped the day before because it was pegged to US Treasury rates, and that the benchmark 10-year bond coupons had their worst daily loss since mid-June.

 

The yield drop might be the result of a number of factors, including the European Central Bank's (ECB) surprise rate hike of 50 basis points (bps) and the implementation of a new tool known as the Transmission Protection Instrument (TPI) to manage irrational market dynamics in the area.

 

Additionally, the Nord Stream 1 pipeline from Russia restarting its gas exports to Europe boosted market sentiment and aided AUD/USD purchasers the day before.

 

In light of this, Wall Street benchmarks ended the day stronger and the 10-year Treasury rates for the US Treasury had their greatest daily decline in five weeks. However, as of the time of publication, S&P 500 Futures are down 0.50 percent.

 

The ECB's decision to limit the market's confidence as well as long-standing worries about a recession and COVID are the sources of the most recent dip in mood.

 

Nevertheless, the risk-off attitude may affect the AUD/USD pricing going ahead. However, pessimistic predictions for the US PMIs in July give purchasers reason for optimism.


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