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The Dow Jones Industrial Average closed at 44,406.36 on Monday, July 7, down 422.17 points, or 0.94%. The S&P 500 closed at 6,229.98 on Monday, July 7, down 49.37 points, or 0.79%. The Nasdaq Composite closed at 20,412.52 on Monday, July 7, down 188.59 points, or 0.92%.Broadcom Inc (AVGO.O) has sold three tranches of investment-grade bonds totaling $6 billion, its largest offering so far in 2025. The 10-year bonds were priced 30 basis points tighter than initial guidance, reflecting strong investor demand.On July 8, François Villeroy, a member of the European Central Banks Governing Council and the Governor of the Bank of France, said that with interest rates already at zero, a large-scale asset purchase program is the best unconventional tool to guide monetary policy. This statement was made after the European Central Bank completed its strategic review. In a column published on Monday in Les Echos, he stressed that although quantitative easing policies have been controversial for triggering asset bubbles, exacerbating inequality and causing losses to some eurozone central banks, their policy effects are still better than negative interest rates. He also pointed out that policy tools such as long-term refinancing operations (LTRO) and the transmission protection instrument (TPI) should be used mainly to ensure that monetary policy is effectively transmitted to the 20 eurozone economies.White House official: Tariffs will not be imposed cumulatively.U.S. Commodity Futures Trading Commission (CFTC): As of the week ending July 1, stock fund managers increased their net long positions in the S&P 500 index at CME by 3,352 contracts to 844,576 contracts. Stock fund speculators increased their net short positions in the S&P 500 index at CME by 29,824 contracts to 298,864 contracts.

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.