23 Jan 2014
Flash: JPY stronger after Chinese releases – BTMU
FXstreet.com (Barcelona) - Currency Analyst Lee Hardman at BTMU noted that the recent Chinese data releases helped the Japanese yen gather some impulse...
Key Quotes
"The yen has strengthened modestly in the Asian trading session following the release of the weaker than expected HSBC/Markit flash manufacturing PMI survey from China for January.The report revealed that business confidence in the Chinese manufacturing sector declined for the third consecutive month by 0.9 point to 49.6 in January."
"It was the weakest survey reading since July 2013 and provides a signal that the Chinese economy appears to be losing further economic momentum early in 2014.It has already been confirmed that the annual rate of real GDP growth slowed modestly to 7.7% in Q4 2013 from 7.8% in Q3 2013."
"The decline in business confidence in the manufacturing sector was driven by cooling domestic demand conditions with the new orders sub-component declining even more sharply by 1.8 point to 50.3 in January.The input price component declined by 5.4 point to 46.2 highlighting that at least in the manufacturing sector the Chinese authorities can concentrate on supporting growth without worrying unduly about upside risks to inflation."
Key Quotes
"The yen has strengthened modestly in the Asian trading session following the release of the weaker than expected HSBC/Markit flash manufacturing PMI survey from China for January.The report revealed that business confidence in the Chinese manufacturing sector declined for the third consecutive month by 0.9 point to 49.6 in January."
"It was the weakest survey reading since July 2013 and provides a signal that the Chinese economy appears to be losing further economic momentum early in 2014.It has already been confirmed that the annual rate of real GDP growth slowed modestly to 7.7% in Q4 2013 from 7.8% in Q3 2013."
"The decline in business confidence in the manufacturing sector was driven by cooling domestic demand conditions with the new orders sub-component declining even more sharply by 1.8 point to 50.3 in January.The input price component declined by 5.4 point to 46.2 highlighting that at least in the manufacturing sector the Chinese authorities can concentrate on supporting growth without worrying unduly about upside risks to inflation."