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The IMF is pushing PNG to reverse unanimously-supported 2021 amendments to its Central Banking Act, and Australia is siding with the IMF. Stephen Howes objects. ....
In a speech, Marion Kohler, Acting Assistant Governor of RBA, remarked that decline in inflation is expected to be a "more gradual process than previously thought." This outlook stems from the current economic environment characterized by "still-high level of domestic demand" and "strong labour" alongside other cost pressures. These factors contribute to the prediction that inflation will hover just below 3% by the end of 2025. ....
Japanese Yen continues to weaken, accelerating its decline in today's Asian session and edging closer to a multi-decade low against Dollar. The market appears to be gaining confidence that Japan will not intervene at this stage, despite the steep and extended depreciation. But the country's approach to currency intervention remains shrouded in typical discretion. So, it's "never say never" regarding the timing of intervention. ....
There's a noticeable lack of a unifying theme in the forex markets today, largely attributed to an empty economic calendar across European and North American regions. Both Australian Dollar and British Pound are seeing a rebound from their recent downturns, particularly noticeable in currency crosses. However, the continuation of this momentum hinges significantly on impending economic data releases. Key reports to watch include Australian consumer and business confidence, along with UK employment data set to be unveiled tomorrow. ....