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Market Update – January 2 – Markets drift on weak Chinese data & IMF Outlook

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With markets in Europe and North America closed today and only a few Asian markets open  there was little direction on very limited volume. Weak PMI and Housing data China On Saturday, a weak global outlook was reported by the IMF Yesterday was the start of the New Year with the same positive outlook as 2022. The Yen The biggest gainer of all today is you.

China’s official Services PMI cratered -5.1 Points to 41.6 After falling -2.0 ticks in December, it was back up 48.7 November This is the sixth consecutive month of declination.eThis was the third consecutive month of contraction, and it was at its lowest level since February 2020. It was at 52.7 One year ago. The December manufacturing index dropped -1 point. 47.0 After falling -1.2 points, it was now 48.0. It too is a third month below the 50 expansion-contraction mark, and is the eighth month in 2022 below 50. It is also the lowest since February 2020s. 35.7.

2023 is going to be a tough year as the main engines of global growth – the United States, Europe and China – all experience weakening activity. –  IMF “tougher than the year we leave behind…China’s chaotic reopening is proving problematic”.

  • The USD Index Take it down 103.00 levels, but the USD reigned once more in 2022.
  • EUR – rotates back to 1.0700 Today’s levels are…



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