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On January 10th, the Chongqing Artificial Intelligence Bay Area officially launched its construction. Located in Nanan District and Chongqing Economic and Technological Development Area of Chongqing, the bay area serves as an ecological platform, collaborating with the Chongqing Artificial Intelligence Academy and the Chongqing General Artificial Intelligence Research Institute to form an integrated innovation consortium encompassing government, industry, academia, research, application, and finance. It aims to become a landmark achievement of the national artificial intelligence innovation and development pilot zone and innovative application pilot zone. The core objective of the bay area is to build an open, collaborative, and efficient artificial intelligence industry ecosystem and application platform, serving as a carrier, testing ground, and accelerator for driving the deep integration of AI technology with various industries.Iraqi Oil Minister: An oversupply is expected in the oil market following the events in Venezuela.Iraqs oil minister: Iraqs current oil production is approximately 4.286 million barrels per day.The Iraqi oil minister said that negotiations are underway with Chevron (CVX.N) regarding the West Qurna 2 oil field.On January 10th, leaders of Greenlands political parties issued a joint statement on the 9th, stating that "Greenlanders do not want to become Americans." The statement reiterated that Greenlands future should be decided by the Greenlandic people themselves, expressed hope that the United States would cease its "contempt" towards Greenland, and emphasized that any dialogue must be based on diplomatic and international principles, which is "the path forward that should be followed." Leaders of all political parties in the Greenlandic Parliament signed the statement.

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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