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Daily Market News By FXNET
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[QUOTE="FxNet, post: 57808, member: 19407"] [b]Market Report 23-01-2014[/b] Asian Session – Aussie back down after China PMI Chinese PMI numbers were the main focus of the Asian session, which missed forecasts and dampened sentiment. The HSBC flash manufacturing PMI came in a 49.6 versus 50.3 that was expected and fell into contraction territory for the first time in 6 months. China is the second largest economy in the world so any data released from there are closely watched by investors. Meanwhile, the Australian dollar typically tends to be impacted by Chinese data since China is a major export destination for Australia. AUDUSD fell at a fast pace after the China PMI data, dipping to $0.8786, down from the session open of $0.8848. The pair erased all gains made yesterday when the aussie was boosted after data showed Australian inflation rose more-than-expected and lessened the likelihood of a rate cut by the RBA. The yen strengthened on safe haven flows after the disappointing data from China today. Despite a broadly stronger US dollar, the USDJPY fell to 104.26 from an earlier session high of 104.82. The dollar is expected to remain in demand as long as there are expectations that the Federal Reserve will continue with tapering. Meanwhile, all eyes will be on upcoming US jobless claims data later in the US session. Expectations are for a decline from 3 million to 2.9 million in the week ending January 11. In other currencies, the euro was showed little movement, as is typical for this Asian session. EURUSD remained stuck in its recent 1.3500-1.3600 range. However a key risk event for the euro will be today’s PMI data from the Eurozone. [/QUOTE]
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