Quiet start to the week still favours pro-cyclical currencies – ING

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Quiet start to the week still favours pro-cyclical currencies – ING Currencies Banks China Asia

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“FX markets have had a quiet start to the week – perhaps awaiting edicts from Mount Davos? However, Chinese data released overnight was material and very much supports this year's hottest trend that China's zero-Covid reversal will spark resurgent Chinese demand.”

“The Chinese data did not, however, trigger any follow-through buying of the Renminbi or Asian currencies in general. Rather than concluding that this story has already run its course in FX markets, we would prefer to see price action as merely quiet before the Chinese New Year starting next week, and the big event risk in early Asia tomorrow, which is the Bank of Japan meeting.”Information on these pages contains forward-looking statements that involve risks and uncertainties.

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