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The People's Bank of China (PBOC) said on Wednesday it was cutting banks' reserve requirement ratio (RRR) by 50 basis points, releasing around 800 billion yuan ($114.84 billion) in funds and they mention economic growth remains resilient despite relatively large downward pressure and mounting external uncertainty. It was the eighth cut in the RRR since early 2018.
EQUITIES
Asian shares rose on Thursday, the first trading day of 2020, as investors cheered Beijing's monetary policy easing decision and upbeat cues on the Sino-U.S. trade deal front.
OIL
Oil prices were up on Thursday as improved trade relations between the United States and China eased demand concerns while rising tensions in the Middle East fuelled worries about supply.
CURRENCIES
The dollar is trading cautiously on Thursday as markets anticipate the release of the FOMC meeting minutes later today. The dollar index against a basket of currencies fell 1.9% last month, having hit its lowest level since July. USD/JPY is up to session highs close to 108.80 currently but the Aussie remains weaker as domestic bond yields are faring worse today, keeping AUD/USD near 0.7000.
GOLD
Gold prices edged higher on Thursday as the dollar hovered near a six-month low hit on New Year's Eve amid bets that U.S. economic outperformance could be coming to an end.
Economic Outlook
On Tuesday, US President Donald Trump confirmed that the US-China phase one deal will be signed on January 15 at the White House. Trump took to Twitter to announce that he will be signing the deal with his Chinese counterpart and will also be travelling to Beijing to set the ball rolling on phase two of the trade negotiations.
A survey of Chinese manufacturing out on Thursday showed activity was still expanding in December while confidence shot higher as trade tensions eased.
Technical Outlook
NZD/USD: Kiwi is a trading bit softer today after fantastic upside rally. The pair may find sellers if it breaks below 0.67 level.
Gold: The yellow metal still trading above $1520 level the traders and investors are waiting for FED minutes. Any break below $1517 will open $1512 and $1508.
Welcome responsibilities as it will bring in more chances of being successful and prosperous in this New Year.
DAILY MARKET REPORT
Stocks and oil prices jump while the US dollar index retreated after several Fed officials signaled a “pause” may be appropriate at the June meeting. The next FED decision will be largely influenced by today’s US monthly jobs report. The jobs data could help determine whether the Fed will raise rates one more time in June or it could pause its interest rate hikes this month.
