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June 30th - The National Bureau of Statistics stated that the high-tech manufacturing sector continued its positive trend in June. The PMI for high-tech manufacturing was 53.5%, up 0.6 percentage points from the previous month, significantly higher than the overall manufacturing sector, indicating continued positive development in high-end manufacturing and a further strengthening of its leading role. The PMIs for equipment manufacturing and consumer goods were 52.5% and 50.2% respectively, up 0.4 and 0.5 percentage points from the previous month, indicating improved industry activity. The PMI for high-energy-consuming industries was 47.1%, unchanged from the previous month.According to the National Bureau of Statistics, the composite PMI output index was 50.6% in June, up 0.1 percentage points from the previous month, indicating that the overall expansion of production and business activities of Chinese enterprises has accelerated slightly.June 30th - According to data from the National Bureau of Statistics, the non-manufacturing business activity index was 50.2% in June, up 0.1 percentage points from the previous month, indicating a slight recovery in the non-manufacturing sectors business activity. By sector, the construction industrys business activity index was 49.0%, up 0.2 percentage points from the previous month; the service industrys business activity index was 50.4%, up 0.1 percentage points from the previous month. Within the service sector, the business activity indices for telecommunications, broadcasting, television and satellite transmission services, internet software and information technology services, monetary and financial services, and insurance were all above 55.0%, indicating a relatively high level of activity; while the business activity indices for air transport and real estate were below the critical point.Chinas composite PMI was 50.6 in June, compared with 50.5 in the previous month.June 30th - According to data from the National Bureau of Statistics, the Manufacturing Purchasing Managers Index (PMI) was 50.3% in June, up 0.3 percentage points from the previous month, returning to expansion territory. By enterprise size, the PMI for large enterprises was 50.7%, down 0.4 percentage points from the previous month, but still above the critical point; the PMI for medium-sized enterprises was 50.5%, up 1.9 percentage points from the previous month, also above the critical point; and the PMI for small enterprises was 48.2%, down 0.3 percentage points from the previous month, below the critical point. Looking at the sub-indices, among the five sub-indices that constitute the Manufacturing PMI, the Production Index and New Orders Index were above the critical point, while the Raw Materials Inventory Index, Employment Index, and Supplier Delivery Time Index were all below the critical point.

GBP/JPY slips below 165 as BOJ prepared to act; UK retail sales are scrutinised

Alina Haynes

Sep 15, 2022 11:46

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The GBP/JPY pair dropped below the crucial support level of 165 during the Asian session. The asset is falling precipitously now that the Wednesday buffer of 166.00 has been lost. The cross has developed a trading range between 164.80 and 165.87, and it is more likely than not that it will break to the downside and drop below 164.00.

 

The fall in the headline UK inflation numbers did not produce any gains for the pound bulls. The Consumer Price Index (CPI) for the year came in at 9.9%, which was less than both the predicted value of 10.2% and the preceding reading of 10.1%. The economy is no longer facing double-digit inflation, despite the fact that the current inflation rate of 9.9 percent is still relatively high, despite rising energy prices. But at 6.3%, the core CPI remained in line with forecasts.

 

Given that lower readings are not a permanent trend, it would be premature to declare an end to pricing pressures. Inflationary pressures will continue to rise as a result of Liz Truss, the new prime minister of the United Kingdom, introducing stimulus plans to shield people from rising energy prices and cut back on tax rates.

 

The UK Retail Sales numbers will be the topic of discussion on Friday. Compared to the 3.4% recorded earlier, the economic data are predicted to show a 4.2% annual loss. In addition, instead of the 0.3% increase previously indicated, the monthly figure will fall by 0.5%.

 

The Bank of Japan (BOJ) has vowed to interfere in the foreign exchange market to support the domestic currency, which has given the yen bulls a boost. Nikkei reported on Thursday that the BOJ carried out a foreign exchange "check" to find out how much market participants value the JPY. The news source claims that this is proof that the BOJ might be getting ready to intervene in the market.


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