Australia’s unemployment rate drops to 6.8%
According to Australian statistics, the local unemployment rate unexpectedly dropped to 6.8% in August, which was 0.7 percentage points lower than the previous value. The market originally expected 7.7%. During the period, the employed population continued to increase substantially by 111,000, which was much higher than the market expectation of a decrease of 35,000. Among them, part-time employment increased by 74,800, and full-time employment increased by 36,200. The data reflects that the Australian government’s August lockdown measures in Victoria have not yet affected the recovery momentum of the job market, which will help eliminate market concerns about the local epidemic. However, the data does not support the Australian dollar exchange rate, which is mainly due to the overall rebound in the U.S. dollar exchange rate influences.
The Japanese economy continues to improve
After the interest rate meeting, the Bank of Japan announced that it will maintain interest rates and all monetary policies unchanged, and maintain the 10-year Treasury bond yield target at near zero, in line with market expectations. The statement after the meeting pointed out that the Japanese economy is still in a severe situation, but it seems to be improving, and exports and output are picking up. Due to the loose monetary environment and the effects of government stimulus measures, the economy is expected to show a trend of improvement. Therefore, the assessment of local exports and production has been revised up from the previous “showing a substantial decrease” to “has turned for the better”, Lowered from “showing a flat trend” to “showing a decreasing trend.” In addition, the central bank pointed out that the overall local consumption is gradually picking up, but inflation may still hover at a negative level in the short term, and as corporate profits and confidence deteriorate, capital expenditures will maintain a downward trend. Although the Bank of Japan raised its economic outlook, it is still wary of the overall corporate investment outlook, and the yen exchange rate has not changed much after the interest rate meeting.
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