ForexLive Asia-Pacific FX news wrap: USD/CNH hit a 6-month low

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ForexLive Asia-Pacific FX news wrap: USD/CNH hit a 6-month low

• Goldman Sachs forecasts GBP/USD to 1.35 in 2024
• Fidelity on sticky inflation, and only limited Fed cuts - "market is like a spoiled child"

News and data flow were
almost non-existent. We did get South Korean December inflation
data:

• 0%
  m/m (vs. +0.2% expected and -0.5% in November)
  
• 3.2%
  y/y (vs. 3.26% expected and 3.3% in November)
  

It
was a subdued session for major forex rates.

The
Chinese yuan strengthened. The People's Bank of China set USD/CNY
at 7.0827, its lowest since the end of May. Offshore yuan, USD/CNH,
hit a 6-month low. The higher yuan lent support to the AUD, which
traded in a small range to highs of circa 0.6845 against the USD, before
dribbling off just a few ticks. NZD/USD ticked higher also and hasn't
dribbled back as much as AUD has. EUR/USD traded in a similar pattern to
AUD/USD.

USD/JPY
is not a lot changed after its wild ride on Thursday.

As
a heads up, China's National Bureau of Statistics (NBS) is
releasing December official PMIs on Sunday, December 31 (or 123123 if you prefer):

• at 0100 GMT,
  2000 US Eastern time on Saturday

They really know how to throw a
NYE party that lot!

                This article was written by Eamonn Sheridan at www.forexlive.com.

Source: ForexLive Asia-Pacific FX news wrap: USD/CNH hit a 6-month low

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