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On April 26, UBS said that the current market thinking is consistent with the banks basic forecast, that is, tariffs will be reduced from the current announced level for the rest of the year, and the Federal Reserve will further cut interest rates this year. However, as uncertainty in trade, economy and Federal Reserve policy remains high, expected volatility also remains high. However, UBS believes that the US stock market is attractive, and the S&P 500 index target continues to be 5,800 points by the end of the year. UBSs current basic forecast is that the Federal Reserve will cut interest rates by 75 to 100 basis points this year, but in the short term, the Feds policy flexibility seems more limited because it must balance concerns about economic growth with the risk of inflation recovery.According to AFP: Senior officials said that Ukrainian President Zelensky and US President Trump may meet in Rome.Spokesman for Ukrainian President Volodymyr Zelensky: Ukrainian President Volodymyr Zelensky has arrived in Rome to attend the Popes funeral.According to the Ukrainian National News Agency: Russian troops launched 414 attacks in the Zaporizhia region at night.Market news: Ukrainian President Zelensky and his wife arrived in Rome.

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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