{"id":20766,"date":"2023-06-09T08:22:43","date_gmt":"2023-06-09T08:22:43","guid":{"rendered":"https:\/\/www.xtreamforex.com\/?p=20766"},"modified":"2023-06-09T08:22:43","modified_gmt":"2023-06-09T08:22:43","slug":"chinese-markets-unmoved-by-this-mornings-price-data","status":"publish","type":"post","link":"https:\/\/www.xtrememarkets.com\/MU\/chinese-markets-unmoved-by-this-mornings-price-data\/","title":{"rendered":"Chinese Markets Unmoved By This Morning\u2019s Price Data"},"content":{"rendered":"<h1>Chinese Markets Unmoved By This Morning\u2019s Price Data<\/h1>\n<p>US weekly jobless claims, of all things, was responsible for yesterday\u2019s main market move. Applications rose from 233k to 261k, more than the 235k expected. It triggered a US bond rally which dragged European peers higher as well. While it doesn\u2019t change expectations for a pause at next week\u2019s Fed meeting, it did offer a bit of contrast following the Bank of Canada and the Reserve Bank of Australia earlier this week. Both were a hawkish reminder that tightening cycles after leaving rates unchanged one or more times indeed can be resumed. US yields dropped between 3.9 and 8.5 bps with the belly of the curve outperforming. German yields fell 4.2-5.4 bps.<\/p>\n<p>The US dollar slipped. DXY (trade-weighted) lost territory, from 104.06 at the open to 103.34 in the close. EUR\/USD moved beyond intermediate resistance between 1.0735\/1.076 to close around 1.078. GBP\/USD spillover effects pushed <a href=\"https:\/\/www.xtrememarkets.com\/mu\/\"><strong>EUR\/GBP<\/strong><\/a> lower for the day too. The pair finished at 0.858, near the June lows. Risk appetite was healthy, especially in the US.<\/p>\n<p>Asian stocks mostly trade in the green. Japan outperforms after the Nikkei index pulled back from a 30-year high over the past two days. Chinese markets are unmoved by this morning\u2019s price data (see below). Stocks trade flat, the Chinese yuan trades a tad weaker as speculation for more monetary policy support builds. South Korea\u2019s won outperforms Asian peers (USD\/KRW drops to 1292.45, the lowest since April). Currencies in the G10 area trade muted. The Japanese yen is today\u2019s laggard. Core bonds hover near yesterday\u2019s closing levels and we don\u2019t expect clear directional trading to materialize later today. The economic calendar contains no critical US or European releases although the Canadian labour market report sure is worth mentioning after the BoC\u2019s unexpected rate increase.<\/p>\n<p>The looming weekend and, more importantly, next week\u2019s ECB and Fed meetings are likely to keep investors in other markets than the Canadian sidelined in the run-up. To that end we have no strong view on the dollar and euro either. After surpassing a first hurdle yesterday, eyes are on the 1.08 big figure from a technical point of view. But the actual topside reference to look at is 1.0942 (50% recovery on the 2021-2022 EUR\/USD decline). Sterling has held near the recent highs all week. Next week though some interesting economic data is scheduled for release, including the labour market report and the April industrial update.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Chinese Markets Unmoved By This Morning\u2019s Price Data US weekly jobless claims, of all things, was responsible for yesterday\u2019s main market move. Applications rose from 233k to 261k, more than the 235k expected. It triggered a US bond rally which dragged European peers higher as well. While it doesn\u2019t change expectations for a pause at<\/p>\n... <a href=\"https:\/\/www.xtrememarkets.com\/MU\/chinese-markets-unmoved-by-this-mornings-price-data\/\">continue reading<\/a>.","protected":false},"author":3,"featured_media":20767,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":[],"categories":[198],"tags":[265,296,19,35,237,355,201],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v16.1 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\r\n<title>Chinese Markets Unmoved By This Morning\u2019s Price Data<\/title>\r\n<meta name=\"description\" content=\"The US dollar slipped. DXY (trade-weighted) lost territory, from 104.06 at the open to 103.34 in the close.\" \/>\r\n<link rel=\"canonical\" href=\"https:\/\/www.xtrememarkets.com\/MU\/chinese-markets-unmoved-by-this-mornings-price-data\/\" \/>\r\n<meta property=\"og:locale\" content=\"en_US\" \/>\r\n<meta property=\"og:type\" content=\"article\" \/>\r\n<meta property=\"og:title\" content=\"Chinese Markets Unmoved By This Morning\u2019s Price Data\" \/>\r\n<meta property=\"og:description\" content=\"The US dollar slipped. 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