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Shipping data shows that the oil tanker "Ocean Thunder," carrying Iraqi crude oil, was passing through the Strait of Hormuz in early March.Kuwait Oil Company issued a statement confirming that its production facilities were attacked by Iranian drones, causing fires in some areas. No casualties were reported.April 5th - On the second day of the Qingming Festival holiday, according to mobile signaling big data modeling statistics, Hunan Province received 13.0183 million tourists, of which 1.8657 million were from outside the province, accounting for 14.33%; and 11.1526 million were from within the province, accounting for 85.67%, a year-on-year increase of 3.10%. According to UnionPay Business big data modeling statistics, the days transaction volume reached 24.9521 million transactions, with a transaction value of 3.8 billion yuan, a year-on-year increase of 3.05%.On April 5th, National Public Radio (NPR) reported, citing a U.S. Navy spokesperson, that since the start of the conflict between the U.S., Israel, and Iran, 1,500 U.S. soldiers and their families at a U.S. base in Bahrain have been "relocated back to the United States." The report also mentioned that other U.S. military bases in the Middle East have also evacuated personnel, but specific figures are currently unclear.On April 5, Iranian Parliament Speaker Mohammad al-Kassym-Jomart Ghalibaf posted a photo of plane wreckage on social media, commenting that if the United States were to achieve such a "victory" again, it would be "utterly destroyed." Ghalibaf wrote, "If the United States achieves three more such victories, it will be utterly destroyed." Iranian media outlets, including the Iranian Students News Agency, had previously published the same photo, claiming it showed the wreckage of a US military aircraft involved in a rescue operation. Some Iranian media outlets suggested that Ghalibafs post was intended to mock US President Trumps claim of an "imagined victory."

As China's official PMI rises, the USD/CNH exchange rate fluctuates below 6.7600

Daniel Rogers

Jan 31, 2023 16:38

The USD/CNH currency pair is experiencing unpredictable volatility as a result of the National Bureau of Statistics (NBS) of China releasing strong official PMI data. The Official Manufacturing PMI has hit 50.1, exceeding both the 49.7 consensus expectation and the 49.0 level from the prior month. In addition, the Non-Manufacturing PMI has grown from 51.0 to 54.4. Despite the fact that households were preoccupied with celebrating the Lunar New Year in January, the scale of economic operations in China increased considerably.

 

The Caixin Manufacturing PMI data, which will be issued on Wednesday, will be the catalyst for a ferocious move in the Chinese Yuan. The economic indicators may rise to 49.5, up from 49.0 earlier.

 

As a result of the elimination of restrictions on the movement of people, products, and machines, China's economy is operating at full capacity. According to a Reuters poll, China's economic growth is anticipated to return to 4.9% in 2023 before stabilizing in 2024, as policymakers pledge to bolster support for the COVID-ravaged economy. In addition, the People's Bank of China will cut the Loan Prime Rate (LPR) by 5 basis points (bps) in the first quarter of CY2023, according to the survey.

 

In the interim, the risk-off impulse is regaining traction as S&P500 futures have surrendered more than half of the gains made by Asia's early trading session. As the Federal Reserve (Fed) prepares to raise interest rates to achieve its inflation objective of 2%, risk-perceived assets are anticipated to remain volatile. Fed chair Jerome Powell is likely to announce a 25 basis point (bps) interest rate hike due to the sharp declines in consumer spending and the Producer Price Index (PPI) in the United States economy.


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