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On December 21, the French presidential palace stated that it would determine the "best way" for French President Macron to hold dialogue with Russian President Putin "in the coming days." The French presidential palace welcomed Russias statement that Putin was willing to engage in dialogue with Macron, and that France believed the aim of such dialogue was to achieve a "stable and lasting peace," and that the content would be "transparent" to Ukraine and Europe.December 21 - According to a report released by the Indonesian Meteorology, Climatology and Geophysics Agency, a 5.6-magnitude earthquake struck off the coast of North Maluku province, Indonesia, at 19:21 local time on December 21. The epicenter was located at 1.47 degrees north latitude and 126.34 degrees east longitude, with a focal depth of 27 kilometers.December 21 - On December 21, MiniMax, a general artificial intelligence company, published its post-hearing information set prospectus for the first time.On December 21, Russian Presidential Aide Ushakov told the media that the proposal to hold trilateral talks between Russia, the United States, and Ukraine has not yet been put on the agenda or discussed. He also pointed out that the modifications proposed by Ukraine and Europe to the Russia-Ukraine "peace plan" are not conducive to advancing the agreement. Ushakov confirmed that Russias Special Representative for Foreign Investment and Economic Cooperation, Dmitriev, is currently in Miami holding talks with the US. He revealed that Dmitriev will report on the results of the talks with the US after returning to Moscow. On the same day, Russian Presidential Press Secretary Peskov told the media that President Putin has no plans to speak with US President Trump before the end of the year, but arranging a call would be easy.On December 21st, according to Japanese sources, during a debate program, Itsunori Onodera, chairman of the Liberal Democratic Partys (LDP) Security Research Council, proposed that it is necessary to discuss the definition of the "Three Non-Nuclear Principles." He discussed Japans current reliance on the US "nuclear umbrella," stating, "This is one of the issues that should be discussed." Onodera said the LDP plans to submit a related motion to the Cabinet in February next year to promote discussion in the Diet. The "Three Non-Nuclear Principles" refer to not possessing, manufacturing, or introducing nuclear weapons. Recently, several political parties, politicians, and numerous civic organizations in Japan have called for adherence to the "Three Non-Nuclear Principles" to avoid a repeat of the tragedy of war.

Despite contradictory inflation indicators from China, USD/CNH recovers to approximately 6.7700

Daniel Rogers

Jan 12, 2023 14:43

USD:CNH.png 

 

After dipping to roughly 6.7550 during the Asian session, the USD/CNH pair has risen. Despite China's National Bureau of Statistics (NBS) releasing contradictory Consumer Price Index (CPI) data for December, the asset has recognized demand and extended its recovery to near 6.7700.

 

The annual CPI has remained unchanged at 1.8%, which is in line with forecasts and higher than the prior statement of 1.6%. In contrast, the price index at the factory gate has decreased dramatically, indicating that producers have less negotiating power. In contrast to forecasts, the Producer Price Index (PPI) decreased by 0.7% rather than 0.1%.

 

The swiftness with which the Chinese government reopened the economy after a lengthy suspension to combat the Covid-19 epidemic has instilled optimism among market participants. The market anticipates a sharp improvement in economic prospects and foreign trade.

 

Morgan Stanley analysts have increased their forecast for China's Gross Domestic Product (GDP) this year to above 5%. "If policy can reduce obstacles to the housing/property sectors and COVID zero recovery, China's economic recovery should strengthen beginning in the second quarter of this year," they added.

 

In the interim, risk-sensitive assets are performing well due to investors' enhanced risk appetite, as indicated by the S&P 500 futures' string of weekly increases. The 10-year US Treasury rates have decreased to 3.55 percent due to optimistic market attitude. The US Dollar Index (DXY) has encountered resistance above 102.80 and has swung to the south in advance of U.S. inflation data.

 

Analysts at Wells Fargo believe that a further decline in energy costs will weigh on the headline and balance price rises in food and core services. However, the price decrease will also be assisted by a further decline in core products, led by used autos once more.


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