ForexLive Asia-Pacific FX news wrap: USD/JPY drops under 156.40

• China’s Xi and Russia’s Putin spoke – Xi says two will move forward hand in hand
• Is Tesla Stock a Buy or Sell?
• China official National Bureau of Statistics (NBS) December 2024 PMIs – why the long face?
• USD/JPY under 156.50
• China official December Manufacturing PMI 50.1 (expected 50.3) Services 52.2 (exp 50.2)
• PBOC sets USD/ CNY reference rate for today at 7.1884 (vs. estimate at 7.2832)
• Hackers connected to China’s government successfully breached US Treasury
• South Korean December headline inflation comes in hotter than expected
• Why does China have two sets of PMIs and why are both valuable?
• Trade ideas thread – Tuesday, 31 December, insightful charts, technical analysis, ideas

USD/JPY
was a notable mover on the session, continuing its decline during the
US session to fall to lows under 156.40. There was no fresh news or
data from Japan. Trade and interest was thin due to the New Year
holiday approaching.

From
China today we had the official, National Bureau of Statistics (NBS),
PMIs for December. Manufacturing slid a little from November and
disappointed estimates but remained in expansion for the third month
in a row. Non-manufacturing, meanwhile jumped 2.2 points from
November and well ahead of estimates.

Prior
to the PMI data release AUD/USD traded higher (EUR, GBP, NZD all
ticked a little higher) but subsided soon after the data. China 10
year bonds ticked a little higher (yields slipped). Chinese equities
slid.

And that’s it from me for 2024. Have a fun and safe New Year’s Eve everyone!

This article was written by Eamonn Sheridan at www.forexlive.com.