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On March 2nd, British Prime Minister Keir Starmer issued a statement on the evening of March 1st, stating that Britain had agreed to allow the United States to use British military bases for "specific and limited" defensive purposes. He stated that Gulf states had requested increased British defense capabilities, and that Britain had deployed fighter jets to the region, successfully intercepting Iranian attacks. Starmer also stated that Britain was not involved in any strikes against Iran. Furthermore, the leaders of Britain, France, and Germany issued a joint statement on the evening of March 1st, indicating that they might take "necessary and proportionate defensive action" against Iran to destroy its ability to launch missiles and drones.On March 2nd, Fitchs research arm, BMI, stated in a report that the temporary surge in oil prices following the US and Israeli attacks on Iran could reduce real GDP growth in several major economies by 0.1 to 0.3 percentage points. Inflation could also rise by 1.0 to 2.5 percentage points. Growth in the Gulf region, due to its proximity to the conflict zone, is likely to be hit hardest. Disruptions to shipping in the Strait of Hormuz will affect trade in both hydrocarbons and non-hydrocarbons, potentially offsetting any increased oil production from OPEC countries. This supply shock could trigger capital outflows from emerging markets, prompting some central banks to prematurely end their easing cycles and raise interest rates.According to ABC News: Trump stated, "The Iranians have contacted me. Someone within the Iranian government has reached out. I probably shouldnt tell you who he is. Hes no longer reporting to the Supreme Leader."On March 2nd, it was reported that Didi Chuxings autonomous driving division recently established the Deep Dome Voyage Lab. Based on this lab, Didi Autonomous Driving has taken the lead in establishing a deep industry-academia-research collaboration with Professor Li Shengbos research group at Tsinghua University. The two parties will focus on cutting-edge areas such as multimodal large-scale models, world models, and reinforcement learning, jointly promoting breakthroughs and industrial applications in multimodal end-to-end autonomous driving technology.An Amazon (AMZN.O) data center in the UAE has reportedly been attacked.

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.

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