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ForexLive Asia-Pacific FX news wrap: China’s January PMIs much improved

Started by forex4you, Jan 31, 2023, 10:31 am

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ForexLive Asia-Pacific FX news wrap: China's January PMIs much improved

<ul><li><a href="">Its another busy data calendar coming up in Asia tomorrow, Wednesday, 1 February 2023</a></li><li><a href="">December: Australian CPI surging, retail sales slumped - is RBA credibility on the line?</a></li><li><a href="">FX option expiries for Tuesday, 31 January 2023 at the 10am New York cut</a></li><li><a href="">NZD/USD dipping lower - a bit of political news out of New Zealand</a></li><li><a href="">The US is weighing cutting off Huawei from American suppliers over security concerns</a></li><li><a href="">Couple of China headlines subduing the mood</a></li><li><a href="">IMF global outlook - "Inflation peaking amid low growth" - raises its global GDP forecast</a></li><li><a href="">China January official PMI: Manufacturing 50.1 (expected 49.8) Services 54.4 (expect 52.0)</a></li><li><a href="">PBOC sets USD/ CNY central rate at 6.7604 (vs. estimate at 6.7607)</a></li><li><a href="">Chinese state financial media say state banks are offering cheap loans to spur consumption</a></li><li><a href="">Deutsche Bank forecast 25bp rate hikes from the RBA in February, March, May and August</a></li><li><a href="">Australia December retail sales -3.9% m/m (expected -0.3%)</a></li><li><a href="">Australian December Private Sector Credit 0.3% m/m (expected 0.5%)</a></li><li><a href="">China and Saudi Arabia are in talks to set up a China-Gulf free trade zone "ASAP"</a></li><li><a href="">Japan preliminary December Industrial Production -0.1% m/m (expected -1.2%)</a></li><li><a href="">Japan finance minister Suzuki says too early to decide if the BOJ agreement needs revision</a></li><li><a href="">Japan December 2022 unemployment rate 2.5% (expected 2.5%)</a></li><li><a href="">Forexlive Americas FX news wrap: US dollar moves higher as the market gears up for the Fed</a></li><li><a href="">South Korean December data - retail sales up m/m, industrial production down m/m</a></li><li><a href="">Australian retail sales data due today - "risk firmly to the downside"</a></li><li><a href="">25bp rate hike on Wednesday, but Federal Open Market Committee (FOMC) hikes not yet done</a></li><li><a href="">Trade ideas thread - Tuesday, 31 January 2023</a></li></ul><p class="western">
was a data-heavy day in Asia with some FX response. The response was
limited though as traders counted down to the Federal Reserve,
European Central Bank and Bank of England later this week.
</p><p class="western">From
Australia today we had awfully weak retail sales numbers come through
for December. Apart from COVID-times and the introduction of
Australia's value-added tax (the GST) the -3.9% m/m result for
retail sales was the worst ever. There may well be some seasonal
adjustment issues involved given the shift in the buying culture to
November's Black Friday and Cyber Monday sales. The weak sales
numbers were compounded by slowing credit growth data from the
Reserve Bank of Australia. Both business and housing credit growth
slowed, reflecting rising interest rates and falling house prices.
</p><p class="western">AUD/USD
and NZD/USD have dribbled a little lower during the session.
</p><p class="western">From
China today we had official January PMIs, from China's National
Bureau of Statistics (NBS). Both manufacturing and services jumped
back into expansion. January was the first full month of reopening
for the country. Details of the manufacturing report showed 18 out of
21 manufacturing industries lifting higher in the month.
</p><p class="western">The
International Monetary Fund (IMF) released its latest update to its
views on the global economy. The organisation raised its 2023 global
growth forecast to 2.9% (from its previous report forecast of 2.7% in
October 2022) citing demand resilience in advanced economies, an
easing back in rates of inflation, and China reopening. The IMF
expect China's 2023 GDP growth at 5.2% (from 4.4% in October 2022
forecasts) with 2024 China growth unchanged at 4.5%.</p><p class="western">AUD
and NZD I've already mentions. USD/JPY has fallen a little on the
session but has had a very limited range. USD/CAD added to its
overnight gains. Oil remained on the soft side in Asia time. EUR, GBP
are little net changed against the dollar. Gold has dropped back
towards USD1920.</p><p class="western">
equity markets:</p><ul>
<li><p class="western">
Nikkei 225 -0.1%</p>
</li><li><p class="western">
Shanghai Composite -0.4%</p>
</li><li><p class="western">
Kong's Hang Seng -1%</p>
</li><li><p class="western">
Korea's KOSPI -0.4% (South Korean giant Samsung fell circa 3% after posting a 69% profit drop)</p>
</li><li><p class="western">
S&P/ASX 200 -0.05%
</li></ul><p>Oil stayed heavy:</p>

                This article was written by Eamonn Sheridan at

Source: ForexLive Asia-Pacific FX news wrap: China's January PMIs much improved
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