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The number of Americans filing for unemployment benefits for the week ending September 5 was 206,000, compared with expectations of 205,000 and a revised figure of 207,000 for the previous week.On September 10th, North American Blue Energy Partners (NABEP), a Venezuelan oil driller backed by the Trump administration, plans to more than double its crude oil production in just over two years. NABEP aims to increase its daily production from the current approximately 200,000 barrels to 500,000 barrels by the end of 2028. The company stated that supply growth has so far been funded by internal cash flow, and any external investment would help accelerate growth. NABEP has gained prominence in recent weeks following the Trump administrations signing of what it calls the largest oil deal in world history. Under the terms of the agreement, NABEP received 100-year concessions to exploit 17 oil fields with estimated proven reserves of 65 billion barrels. The company stated that the agreement with the U.S. government simply accelerates the trajectory of NABEPs growth plans.The Stoxx Europe 600 index fell further to 0.5%.On September 10th, the European Central Bank (ECB) raised interest rates for the second time since the start of the war with Iran in February, in response to signals that inflation would well exceed 2%. On Thursday, the deposit rate was raised by 25 basis points to 2.5%, in line with the forecasts of almost all economists surveyed. The ECB reiterated that it would not pre-commit to further action, but would decide on a case-by-case basis based on data. In its statement, it said: "The conflict in the Middle East continues to exert inflationary pressures, and inflation will remain well above target for an extended period. The outlook remains highly uncertain, with upside risks to inflation and downside risks to economic growth." Thursdays move puts Eurozone policymakers further ahead of their peers in addressing soaring energy prices—which have caused the fastest inflation in nearly three years. Traders believe the ECB will take further action, expecting two more rate hikes by mid-2027. This contrasts with the Federal Reserve and the Bank of England, which have not yet tightened monetary policy due to the Middle East conflict and are likely to remain on hold next week.Eurozone government bond yields rose after the European Central Bank raised interest rates.

When Will the RBA Minutes Be Released and How Will They Affect the AUD/USD?

Drake Hampton

Apr 19, 2022 09:50

These minutes will be released at the top of the hour and will generate considerable attention, given the absence of the word "patient" in the post-meeting statement.

 

"Specifically, the spotlight will be on the Board's commitment to waiting for "significant new evidence...on both [our emphasis] inflation and the evolution of labor costs" before raising the cash rate," ANZ Bank analysts said. "The bigger the commitment, the less likely a shift in May is, despite the possibility of an extremely strong Consumer Price Print."

How Might the Minutes Affect the AUD/USD Exchange Rate?

AUD/USD is already reversing an hourly bearish impulse, so anything less than hawkish could serve as a stimulus for further negative movement.

 

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Concerning the RBA Minutes

The Reserve Bank of Australia publishes the minutes of its meetings two weeks after the interest rate decision. The minutes contain an exhaustive record of the policy discussion, including points of contention. Additionally, they record the votes of the Committee's individual members. In general, if the RBA is pessimistic about the economy's inflation prospects, markets price in a larger probability of a rate hike, which benefits the AUD.

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