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Poland signs $3.8 billion deal to boost F-16 fleet capabilities.On August 13, CNBC reported that two unnamed government officials revealed that the Trump administration is considering 11 candidates to succeed Federal Reserve Chairman Jerome Powell when his term expires next May, including three previously unnamed names. These new members include Jefferies Chief Market Strategist David Zervos, former Federal Reserve Governor Larry Lindsey, and BlackRocks Chief Investment Officer of Global Fixed Income Rick Rieder. They join the eight candidates previously confirmed by CNBC: Federal Reserve Vice Chairman for Supervision Bowman, Federal Reserve Governor Waller, and Federal Reserve Vice Chairman Jefferson. Officials also confirmed that the list also includes Mark Summerlin, a former economic adviser in the Bush administration; Dallas Fed President Logan; and former St. Louis Fed President Bullard. Officials described a "deliberative process" in which Treasury Secretary Bessant will meet with all candidates, whittle down the list, and present the final list to the president for a decision. The size of the list and the process described suggest a decision is not imminent and could take considerable time. However, officials declined to provide a timeline.On August 13th, U.S. Treasury Secretary Benson said in an interview that the Federal Reserves interest rate should be 150-175 basis points lower than it is now, and that if the data were accurate, the Fed could have cut rates earlier. Bessant believes a 50 basis point rate cut is possible, with a series of cuts likely starting in September. Regarding the selection of the Fed chair, he mentioned that they will cast a wide net, encompassing 10-11 people. He also stated that he had proposed establishing a "shadow Fed chair" but now believes it is unnecessary. Furthermore, Bessant believes the Fed does not need to resume large-scale asset purchases (QE). Regarding the jobs report, he expressed opposition to halting its release, but emphasized the need for reliable data. Some analysts say the probability of a 50 basis point rate cut by the Fed in September is now almost zero. For this to happen, another weak non-farm payroll report would likely be needed in September.According to CNBC: Two government officials revealed that the Trump administration is considering 11 candidates to succeed Federal Reserve Chairman Jerome Powell when his term expires in May this year, including three people who have never been publicly nominated before. The new candidates include Jefferies Chief Market Strategist David Zervos, former Federal Reserve Governor Larry Lindsey and BlackRock Global Fixed Income Chief Investment Officer Rick Rieder.On August 13, Eddie Yue, Chief Executive of the Hong Kong Monetary Authority, stated in a statement: "Hong Kongs banking system is well-capitalized, adequately provisioned, and financially strong to withstand market volatility." While credit risks facing the banking system have increased in recent years amidst the ongoing macroeconomic challenges, the banks profit models remain unaffected. I would also like to take this opportunity to clarify earlier rumors regarding "bad banks." The establishment of "bad banks" is an extraordinary measure taken when banks face serious balance sheet problems and is completely inconsistent with the current sound operations and strong financial position of Hong Kongs banks.

The AUD/USD pair recovers from 0.6670 as Australian inflation falls to 6.9%

Daniel Rogers

Nov 30, 2022 15:31

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After the Australian Bureau of Statistics published a monthly decline in the Consumer Price Index, AUD/USD bids approached 0.6670. The Australian CPI came in at 6.9%, which is lower than the 7.4% expected and the 7.3% previously reported.

 

It is not anticipated that a fall in Australian inflation will compel the Reserve Bank of Australia (RBA) to forsake its present 25-basis-point rate-hiking policy. Previously, the market anticipated that RBA Governor Philip Lowe would return to a 50 basis point rate hike structure in anticipation of a price inflation index increase.

 

This week, the Australian Dollar has been volatile due to China's protests about the Covid limitations set to battle the epidemic. People are upset and disappointed as a result of the zero-Covid policy's prolonged limitations on the movement of people, materials, and apparatus.

 

As the number of Covid instances climbed, the Chinese city of Zhengzhou, home to Apple Inc.'s largest production site in China, has lifted the lockdown of its major urban areas imposed five days ago. As China's most significant trading partner, the headline may encourage the Australian Dollar.

 

The US Dollar Index (DXY) has pushed its auction profile above the critical 106.80 mark during the Asian session. As investors have been anxious in anticipation of Jerome Powell's first speech as chairman of the Federal Reserve (Fed), the theme of risk aversion remains intact and may persist. This will provide crucial signals about the likely monetary policy action in December.

 

Other significant triggers, such as US Automatic Data Processing (ADP) Employment, Gross Domestic Product (GDP), core Personal Consumption Expenditures (PCE), and the Federal Reserve's Beige Book, will also be examined closely.