An official at the Bank of Japan (BoJ) said on Wednesday that the “BoJ sees underlying inflation gradually heading toward 2%.” Additional comments Price rises post-pandemic have been driven mostly by cost-push factors, such as rising import costs from weak Yen.
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The PBoC rate setting for today, the first day back from holidays, here:
7.1693 is the lowest for USD/CNY (ie strongest for CNY) since November 8 last year.
Earlier I posted on how China is not going to devalue the currency just yet:
China will hold the prospect of devaluation in reserve as a bargaining chip in negotiations ahead.
***
Earlier:
This article was written by Eamonn Sheridan at www.forexlive.com.
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Wall Street Journal (gated) report, in brief:
This article was written by Eamonn Sheridan at www.forexlive.com.
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China’s Services Purchasing Managers’ Index (PMI) unexpectedly fell to 51 in January from 52.2 in December, the latest data published by Caixin showed Wednesday.
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New Zealand reported a 0.1% quarter-on-quarter dip in employment for Q4 2024, smaller than the projected reduction of 0.2%, but the unemployment rate still rose from 4.8% to 5.1% as expected.
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Federal Reserve (Fed) Vice Chairman Philip Jefferson was on the wires late Tuesday, commenting on the economic and interest rates outlooks.
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China January Caixin Services PMI drops to 51.0
Composite: 51.1
From the report commentary, in brief:
Supply & Demand:
Employment Trends:
Price Pressures:
Business Sentiment:
This article was written by Eamonn Sheridan at www.forexlive.com.
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On Wednesday, the People’s Bank of China (PBOC) set the USD/CNY central rate for the trading session ahead at 7.1693 as compared to 7.2661 Reuters estimates.
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Postal Service will temporarily suspend only international package acceptance of inbound parcels from China and Hong Kong Posts until further notice.
The flow of letters and flats from China and Hong Kong will not be impacted.
This is part of Trump’s tariff trade war on China.
Alongside the added 10% tariff, the White House announced the end of the century-old de minimis exemption, which had allowed packages valued under $800 to enter the U.S. without duties. This exemption had fueled the rapid growth of Chinese discount retailers like Shein and Temu, enabling them to ship a wide range of low-cost products— from knockoff designer dresses to gaming monitors—directly to consumers, tax-free, one package at a time.
This article was written by Eamonn Sheridan at www.forexlive.com.
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Markets are grappling with uncertainty as the US economy shows signs of deceleration, even as the labor market remains steady. At the same time, predictions regarding the US Fed’s monetary policy and headlines involving Trump continue to stir market volatility. Last week was no exception. In the upcoming week, 10.02.2025 – 16.02.2025, market participants will focus on the release of key macroeconomic statistics from the US, New Zealand, Germany, the UK, Switzerland, and the Eurozone. The main highlight of the coming week is the US CPIs publication. Note: During the coming week, new events may be added to the calendar, and/or… Read full author’s opinion and review in blog of #LiteFinance
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The Australian Dollar (AUD) edges lower against the US Dollar (USD) amid an increased risk aversion following rising fears over US-China trade tensions.
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Trump comments:
We await China comments on tariffs today
This article was written by Eamonn Sheridan at www.forexlive.com.
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