China PBoC cuts interest rates by 25bps, PMIs above consensus – TradeTheNews

FXStreet (Barcelona) – The TradeTheNews Team shares the Chinese data releases and the equity market performance in the Asian session.

Key Quotes

“China central bank PBoC cut interest rates by 25bps over the weekend. Central bank reiterated prudent monetary policy and expressed to create a neutral appropriate monetary and financial environment for economy. PBoC reiterated to be more appropriate on monetary policy, and to use comprehensive monetary tools to fine-tune economy.”

“China also released Feb Manufacturing PMI, slightly better than consensus. Later in the evening, HSBC released China Feb final Manufacturing PMI, revised the final figure much higher to 50.7 from flash reading of 50.1.”

“China think tank State Information Center (SIC) also forecast China Q1 GDP growth at about 7%.”

“Shanghai equity market, despite positive news over the weekend, traded only slightly higher by 0.3% during the morning session. Some security brokers in Shanghai led the gains, including Northeast Securities, Sinolink Securities.”
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Session Recap: USD takes a breather

FXStreet (Córdoba) – The dollar took a breather on Friday following yesterday’s rally, although it managed to extend gains versus the yen and the franc following US GDP revision. The second estimate for US 4Q GDP came in at 2.2%, below the first estimate of 2.6% last month, but above expectations for a revision to a 2% increase.

EUR/USD closed the day little changed just below the 1.12 mark after hitting a fresh 1-month low of 1.1175 at the beginning of the session. The pair posted its second weekly loss in a row and remained dangerously close to multi-year lows scored last month.

GBP/USD ended up 0.23% on Friday and managed to hold onto minor weekly gains despite yesterday’s drop.

USD/JPY rose to a 3-day high of 119.79 but stalled a few pips shy of Wednesday’s high. USD/CHF rose to the 0.9545 zone, but the resistance area held after a second test this week.

In the commodity space, oil closed the week just above $ 50 a barrel, while gold ended up but remained capped by $ 1220 an ounce.

Elsewhere, stocks closed lower in Wall Street but accomplished monthly gains. The DJIA fell 0.45%, the S&P500 drop 0.30% while the Nasdaq lost 0.49%.

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