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On January 18, according to the U.S. Capitol Hill newspaper, before Mondays inauguration, U.S. President-elect Trump "won a battle" because the Capitol will raise the American flag to its highest level instead of lowering it to half-mast on the day of the inauguration. Trump had previously been angry about the idea of lowering the flag to half-mast in memory of former President Carter. Carter died on December 29, and Biden announced that he would lower the flag to half-mast for 30 days. It was U.S. House Speaker Johnson who came to the rescue and dispelled concerns that Trumps second term would start with a "half-mast mourning" scene. Earlier this week, Johnson wrote on social media that next Monday, "the flags at the Capitol will fly at full flag to celebrate our countrys unity after the inauguration of the 47th President Donald Trump." Johnson pointed out that the flag would be lowered to half-mast again the day after the inauguration to commemorate Carter.According to the Ukrainian Pravda: The battlefield analysis agency DeepState said that the Russian army has made progress in several settlements in Kharkiv and Donetsk.According to the Ukrainian National News Agency: Poland plans to send a defense industry delegation to visit Ukraine.According to the Jerusalem Post: A Hamas official claimed that mediators involved in the hostage and ceasefire negotiations included a clause allowing Israel to resume military operations in Gaza if Hamas violates the agreement.Russian Ministry of Defense: Russian air defense system shot down 46 drones in Russia at night.

AUD/JPY declines below $90.00 as market focus shifts to China's official PMI data

Daniel Rogers

Dec 30, 2022 11:32

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The AUD/JPY pair has abandoned the psychological support at 90.00 during the Asian session. As a spike of Covid-19 instances in China drives other countries to implement severe safety procedures for Chinese immigrants, the risk barometer has detected a sell-off. An increase in the number of Covid cases in China has a negative impact on the Australian currency, since more supply chain disruptions may limit trade activity.

 

In an effort to alleviate supply chain constraints, the declaration that China will reopen in January 2023 has generated new difficulties. Major nations are requiring negative Covid reports on Chinese immigration in order to safeguard themselves from the outbreak. During a briefing on Thursday, the head epidemiologist at China's Center for Disease Control and Prevention (CDC) warned that Covid is expected to spread over the holiday season.

 

In addition to the Covid scenario, investors are concerned about China's official PMI data, which will be revealed next weekend. The consensus forecast for the Manufacturing PMI from the National Bureau of Statistics (NBS) is 49.2, up from the previous reading of 48. Non-Manufacturing PMI is forecast to outperform the previous report by a wide margin, as the current economic data is anticipated to be 51,4 versus 46,7.

 

Australia is China's most important trading partner, and economic uncertainty in China leads the Australian Dollar to fluctuate.

 

The Japanese Yen is gaining ground in Tokyo despite the beginning of funds-supplying operations against pooled collateral by the Bank of Japan (BoJ) on Thursday. On January 4, the Bank of Japan will provide around one trillion yen at zero percent interest.

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