The Chinese yuan was among the worst performers on Thursday, down 0.2% as data showed little improvement in a sluggish economic recovery. A private survey showed that China’s manufacturing sector grew as expected in January, but its pace of growth now appeared to be slowing.
The Fed’s comments spurred a sharp reversal in risk-driven markets, particularly stocks, on Wednesday. This in turn fueled increased safe-haven demand for gold. The yellow metal was also aided by increased demand as a conflict between U.S.-led forces and the Yemen-based Houthi Group worsened.
ARB’s price movement had been bullish, as evidenced by its ascent past the moving averages, which served as dynamic support levels during its uptrend. However, the price has encountered substantial resistance, leading to a halt in its rally.
“After assessing the degree of macroeconomic effects of the Noto Peninsula Earthquake by monitoring its impact for about the next one or two months, the bank is highly likely to reach a point where it can normalise monetary policy,” one board member was quoted as saying.
The U.S. central bank is expected to leave interest rates unchanged on Wednesday and investors will focus on any clues from Fed Chairman Jerome Powell on the likelihood of a rate cut in March.
Manufacturing activity in China, the world’s second-largest economy and oil consumer, contracted for a fourth straight month in January, an official factory survey showed on Wednesday, suggesting economic momentum was flagging at the start of 2024.
After a period of consolidation, DOGE has broken past a critical resistance level, stirring excitement among traders and investors. The coin is currently sitting above the $0.088 mark, which previously acted as substantial resistance. If DOGE manages to maintain its position above this level, it could solidify this area as new support.
A new report published on Wednesday by the ratings agency said in-court cash recovery rates were around 2.8%, on average, in offshore default cases of Chinese developers.
China, which views democratically governed Taiwan as its own territory despite the objections of the Taipei government, has been stepping up military and political pressure to assert those sovereignty claims.
Traders have cut odds that the U.S. central bank will reduce rates in March to 48%, from 89% a month ago, according to the CME Group’s FedWatch Tool, as data reinforces a view that the U.S. economy remains solid.
