Prior 49.5Composite PMI 48.6Prior 48.1Italian services activity marginally contracted again in December with output falling for a fifth straight month while the decline in new orders gathered pace. Demand conditions remain subdued and proved to be a drag for Italy's...
Spain December services PMI 51.5 vs 51.2 expected
Prior 51.0New work returns to growth territory as services activity in Spain continues to stay resilient. That being said, selling price inflation has moved up to a seven-month high and could be a cause for concern for the ECB if the trend persists. HCOB notes...
European equities open slightly higher on the day
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France December preliminary CPI +3.7% vs +3.8% y/y expected
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USD/JPY pares early advance as dollar flails after yields setback
USD/JPY daily chartThat is certainly keeping things interesting for USD/JPY, with price action now returning back towards the 200-day moving average (blue line) at 143.17. A push back below that will see sellers seize back some technical momentum but it is still early...
North Rhine Westphalia December CPI +3.5% vs +3.0% y/y prior
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FX option expiries for 4 January 10am New York cut
There are a couple of significant expiries to take note of on the day, as highlighted in bold.The first ones being for USD/JPY at the 143.85 and 144.00 levels. It looks like flows are returning quickly to markets upon the new year and with the pair racing higher in...
Euro in the spotlight with French, German inflation numbers on the cards
The dollar has made some decent strides this week but faced a bit of a setback overnight when 10-year Treasury yields were rejected at the 4% mark. That is perhaps a sign that the moves this week have been somewhat corrective only and not quite a change up in the...
ForexLive Asia-Pacific FX news wrap: Oil steadies
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US to weigh strikes against Houthi terror bases in Yemen
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Fitch downgrades four Chinese National asset management firms by one notch
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China’s LGFVs must repay a record $651 billion of bonds in 2024 (will refinance)
Bloomberg with the info on China’s local government financing vehicles.Bloomberg saying it'll test the central government's resolve to backstop local governments in refinancing their debt and avoid default. LGFVs are firms that borrow on behalf of provinces and cities...
BOJ Gov Ueda says he hopes Japan’s economy can balance rises in wages and & inflation
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Employment data coming up from the US on Thursday – December ADP
The consensus expected for the ADP December employment number is 115,000November's ADP number was +103,000The range of estimates is 99K to 130K. Results outside this range should prompt extended market moves, in a nutshell a number under 99K will reignite expectations...
China Caixin Services PMI for December 52.9 (expected 51.6)
Services PMI from Caixin / S&P Global for December 2023 comes in at 52.9, its highest since July 2022expected 51.6, prior 51.5 Composite 52.6, best since June 2022prior 51.6"Key findings" cited in the report, in summary: Solid increase in service sector activity...
Morgan Stanley reiterate their call that the FOMC will wait until June 2024 to cut
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PBOC sets USD/ CNY mid-point today at 7.0997 (vs. estimate at 7.1504)
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British Royal Mint sees record bullion demand in 2023 – citing safe haven demand
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David Rosenberg predicts US recession due to fiscal drag and Fed tightening feeding in
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