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Polish Prime Minister Tusk: There are many concerns and also many hopes about the meeting between Trump and Putin.On August 11th, Spanish Foreign Minister Álvarez stated that the EU cannot maintain "normal relations" with Israel in the face of Israels new round of military operations in Gaza. He stressed that statements alone cannot stop the war and that concrete measures must be taken: "We already have a sanctions list, which will be gradually expanded to target those who undermine the two-state solution." Álvarez called for a complete suspension of the EU-Israel Association Agreement and a comprehensive arms embargo on Israel. He noted that Spain has already stopped exporting weapons to the war zone in accordance with regulations and that the EU should also take concerted action.On August 11, ING analyst Francesco Pesole said in a report that Fridays summit between US President Trump and Russian President Vladimir Putin regarding the Russia-Ukraine conflict could have an impact on the euro. "If a ceasefire is achieved in the coming weeks, the euro is likely to perform well, primarily against the US dollar, yen, and Swiss franc." Hopes for a truce between Russia and Ukraine have led to a decline in crude oil prices since early August. However, he said that considerable uncertainty surrounding the outcome of the negotiations and the recent reduction in G-10 currencies sensitivity to the Ukrainian conflict are likely to limit any impact on the euro.Italys trade balance with the EU was -0.69 billion euros in June, compared with 7.76 billion euros in the previous month.Italys trade balance in June was 5.409 billion euros, compared with 6.163 billion euros in the previous month.

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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