USD/JPY continued its gyrations here today, dipping after its strong Thursday gain toward 137.00. GBP, AUD, NZD, CAD all showed some strength against the USD after its huge surge on Thursday. EUR/USD was off its Thursday lows during the session here also. There was no specific fresh FX news to drive the moves.
Preliminary PMIs from Australia and Japan released today were generally poor. Australian manufacturing and services PMIs both fell, services further into contraction, as did Japan’s manufacturing index. Japan’s non-manufacturing PMI rose, helped along by the reopening of tourism more widely. The results provide a warning for the flash PMIs to come from Europe a little later.
News out of China is that the country's centralised iron ore purchasing group (only formed in the middle of this year), the state-sponsored China Mineral Resources Group (CMRG), is about to begin buying operations. The group will consolidate purchases of raw iron ore material under a single state-owned buyer. This will no doubt impact US$160 bn iron ore trade, most likely with prices lower than they otherwise would be. Australia’s #1 export is iron ore. The news does not auger well for AUD (on the other hand, we all knew this was coming).
In political news, the US weekend government shutdown was averted. The Senate to fund the government through December 23. The House already approved the bill. It heads now to US President Biden for signing.
Speakers from the Federal Reserve will hit the circuit again today. Daly, Williams and Mester are all on the docket.
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2022-12-16 03:56:00Z
CBMiZGh0dHBzOi8vd3d3LmZvcmV4bGl2ZS5jb20vbmV3cy9mb3JleGxpdmUtYXNpYS1wYWNpZmljLWZ4LW5ld3Mtd3JhcC11c2RqcHktcmV0cmFjZS10by0xMzcwMC0yMDIyMTIxNi_SAWhodHRwczovL3d3dy5mb3JleGxpdmUuY29tL25ld3MvZm9yZXhsaXZlLWFzaWEtcGFjaWZpYy1meC1uZXdzLXdyYXAtdXNkanB5LXJldHJhY2UtdG8tMTM3MDAtMjAyMjEyMTYvYW1wLw
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