EUR/USD 1.17592
-0.128%
Gold 4453.03
-1.728%
Oil 57.841
1.788%
USD/JPY 156.356
-0.084%
GBP/USD 1.34771
-0.190%
GBP/JPY 210.727
-0.274%
Browse More
  • English
  • 简体中文
  • 繁體中文
  • Tiếng Việt
  • ไทย
  • Indonesia
Subscribe
Real-time News
On December 29th, it was reported that on December 26th, the National Energy Administration held a symposium in Kunming, Yunnan Province, on promoting the construction of a high-quality charging infrastructure system by 2025. The meeting emphasized that the next step is to solidly implement the "Three-Year Doubling" action plan for electric vehicle charging facility service capacity by improving facilities, enhancing services, and strengthening safety, thereby accelerating the construction of a high-quality charging infrastructure system. This includes improving the charging infrastructure service network, increasing the coverage of charging facilities in key scenarios such as residential areas and rural areas; optimizing the service efficiency of charging infrastructure, promoting the planning and construction of high-power charging facilities; focusing on improving the quality of charging operation services and effectively protecting consumer rights; accelerating the cultivation of a healthy and positive industrial ecosystem and further promoting the large-scale application pilot of vehicle-to-grid interaction; and strengthening the safety management of charging infrastructure to prevent and resolve safety risks in the charging sector.U.S. Geological Survey: A 5.1-magnitude earthquake struck 115 kilometers south of Kokopo, Papua New Guinea.On December 29th, Changan Automobile announced its plan to issue 630 million A-shares to a specific target, China Changan Automobile, which will subscribe for all shares in cash. Prior to this equity change, China Changan Automobile held 35.07% of the companys shares; after the change, its shareholding will increase to 38.95%. This equity change will not result in a change of the companys controlling shareholder or actual controller. The issuance is subject to several conditions, including approval from the State-owned Assets Supervision and Administration Commission, approval from the companys shareholders meeting, approval from the Shenzhen Stock Exchange, and registration approval from the China Securities Regulatory Commission.Bahrain announced fiscal reforms and approved a new corporate income tax law for local companies.Intel (INTC.O) shares rose 0.5% in pre-market trading after the company sold $5 billion worth of shares to Nvidia under a previous agreement.

As China PMIs decrease, the Fed moves, and US NFP is predicted, USD/CNH surpasses 7.2800

Alina Haynes

Oct 31, 2022 16:37

截屏2022-10-31 上午11.11.46.png 

 

As China's monthly activity data disappoints offshore Chinese yuan (CNH) investors, the USD/CNH continues to draw buyers for a third consecutive day on Monday, advancing 0.23 percent intraday to 7.2850 as of press time. Concerns regarding covid difficulties in the dragon kingdom and apprehensions regarding a hawkish move by the Federal Reserve also encourage buyers to remain positive.

 

As a result, China's official NBS Manufacturing PMI for October dropped to 49.2, compared to the expected 50.0 and the previous 50.1. In addition, the Non-Manufacturing PMI fell to 48.7, below market estimates of 51.9 and previous readings of 50.6. Following the publication of the data, Reuters produced an article "In October, China's factory activity unexpectedly dropped, according to a survey released by the government on Monday. Global demand decline and strict COVID-19 regulations impeded manufacturing."

 

Due to the US dollar's status as a safe haven, the shutdown of a casino resort in Macau and Russian concerns also add to the USD/appreciation. Russia, which invaded Ukraine on February 24, halted its participation in the Black Sea agreement for a "indefinite period" on Saturday because it could not "guarantee the protection of civilian ships" traveling under the treaty after its Black Sea naval was attacked.

 

The fact that US Treasury yields are directionless after a bad economic report is notable, as is the fact that US stocks futures are seeing modest losses as the Dow Jones prepares for its highest monthly gain since 1976. In addition, the US Dollar Index (DXY) demonstrates a three-day increase near 110.80, with an intraday increase of 0.1% as of press time.

 

In conclusion, the USD/CNH bulls may maintain control because China's fundamentals are weaker than those of the United States. Concerns that the Fed may suggest slowing the pace of rate hikes beginning in December have recently appeared to test buyers of currency pairs.


Suggestion