IEA Sees Global Oil Demand Hitting A Record High In 2023
China’s reopening is set to drive global oil demand to a record high of 101.7 million barrels per day (bpd) this year, up by 1.9 million bpd from 2022, the International Energy Agency (IEA) said on Wednesday, raising its demand growth estimate for 2023 by 200,000 bpd from 1.7 million bpd growth expected in December. […]
Upbeat China Data may Unlock more Upside in Euro and other Pro-Cyclical Currencies
The unexpected rebound of the Chinese economy as seen in the latest batch of Chinese data reinforced the idea that a hidden China economic momentum will unlock the upside in pro-cyclical currencies, including the euro. The decline in natural gas prices pushes the idea of an energy crisis deep to the sidelines causing revisions of […]
Economic development situation in 2023 is still complicated
China’s National Development and Reform Commission of the People’s Republic of China (NDRC), the country’s ‘state planner’ said in a statement on Wednesday, “the economic development situation in 2023 is still complicated.” Additional quotes “The external environment is turbulent.” “Pressure on China’s economy is still large.” “Confident and capable of promoting the continuous recovery and […]
Market Update – January 17 – USD Holds at 7-mth lows, Mixed data from China & UK
Trading Leveraged Products is risky Chinese GDP for 2022 at 3.0% missed expectations (5.5%) significantly and represented the slowest growth for the world’s second largest economy since 1976 and the end of the austerity of Mao Zedong. Q4 GDP beat expectations at 2.9% vs 1.8% but was still very weak. […]
US Dollar looks to stabilize amid cautious markets
Here is what you need to know on Tuesday, January 17: The US Dollar is building on the previous recovery this Tuesday, as risk sentiment remains tentative following the release of China’s growth numbers. China’s Q4 GDP topped forecasts but expanded at the second-slowest pace since the 1970s. China’s GDP expanded by 2.9% in Q4 YoY, official […]
Australian Dollar Bumped on Strong China GDP Data. Where to for AUD/USD?
Australian Dollar, AUD/USD, China GDP, Iron Ore, US Dollar, Fed – Talking Points The Australian Dollar firmed again after solid China GDP figures China’s re-opening is yet to hit the growth numbers but has helped commodities The US Dollar appears vulnerable. Will it boost AUD/USD to a new peak? Recommended by Daniel McCarthy Get Your […]
China says its 2022 GDP growth was 3% – analyst response is: Nope, much lower
Chinese official economic data is often questioned. Usually quite rightly. This already from noted China analysts at CBB: Earlier: — Regardless of who you want to believe (I’d be with CBB over the NBS) China has abandoned its zero COVID policy and as its wave of resultant infections subsides the economy will respond to the […]
China Q4 GDP and December industrial output (and more) data due today – preview
Coming up on the calendar today: I posted a preview of this data here: Reuters have a preview posted also if you’d like more. Via JPMorgan: “The Chinese economy appears to have ended the year on a weak tone” “As suggested by the weak December NBS PMI report, domestic activity likely slowed further by year-end […]
Australian Dollar Buoyed by Sentiment as China Moves into Focus. Higher AUD/USD?
Australian Dollar, AUD/USD, US Dollar, Iron Ore, China, Japan PPI, USD/JPY – Talking Points The Australian Dollar found support while the US Dollar slid lower The markets are focussed on the China re-opening story but there might be hurdles If commodity prices keep going north, will AUD/USD benefit? Recommended by Daniel McCarthy Get Your Free […]
Oil Boosted as China Reopens!
Oil prices had their biggest weekly gain since last October. This came amid cooling inflation in the US and an improved outlook for growing demand from China. Following China’s reopening, will we now see crude hit $100 before Q1 is over? Timestamps WTI 01:40 BRENT 03:05 The post Oil Boosted as China Reopens! appeared first […]