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20 Feb 2014
Flash: JPY stronger after Chinese data - BTMU
FXStreet (Barcelona) - Lee Hardman, FX Analyst at the Bank of Tokyo Mitsubishi UFJ, notes the better tone around the JPY post-Chinese releases.
Key Quotes
"The yen has strengthened modestly in the Asian trading session following the release of the latest manufacturing business confidence survey from China which proved weaker than expected. The HSBC/Markit flash manufacturing survey declined by a further -1.2 point to 48.3 in February although it still remains just above the low from July 2013."
"At face value the survey signals that the Chinese economy appears to have lost further upward momentum early in 2014. However, the Chinese New Year effect tends to lead to more volatile data in January and February."
"The stronger loan and trade growth in January have also provided some comfort that economic growth in China maybe holding up better than implied by the PMI survey. The government expects industrial production growth to ease modestly in 2014 setting an annual growth target of 9.5% down from 10% in 2013."
Key Quotes
"The yen has strengthened modestly in the Asian trading session following the release of the latest manufacturing business confidence survey from China which proved weaker than expected. The HSBC/Markit flash manufacturing survey declined by a further -1.2 point to 48.3 in February although it still remains just above the low from July 2013."
"At face value the survey signals that the Chinese economy appears to have lost further upward momentum early in 2014. However, the Chinese New Year effect tends to lead to more volatile data in January and February."
"The stronger loan and trade growth in January have also provided some comfort that economic growth in China maybe holding up better than implied by the PMI survey. The government expects industrial production growth to ease modestly in 2014 setting an annual growth target of 9.5% down from 10% in 2013."