Earlier in the Day:
It was a relatively busy start to the week on the Asianeconomic calendar.
The Japanese Yen was in action, with finalized 3rdquarter GDP in focus early in the day.
Following impressive labor market numbers from the U.S, it was a bullish start to the week for the Asian equity markets. With the FED in action mid-week, the latest figures will ease any immediate pressure on the FED, in spite of the disappointing PMI numbers for November.
On the geopolitical front, however, hopes of the U.S and China reaching an agreement may have eased through the weekend. At the end of last week, the U.S administration stated that fresh tariffs will be rolled out on 15thDecember as planned
From the weekend, trade data from China was also on the bearish side.
Chinas U.S Dollar trade surplus narrowed from $43.02bn to $38.73bn in November. While imports rose by 0.3%, year-on-year, exports fell by 1.1%.
Economists had forecast a 1% rise in exports and a 1.8% fall in imports
From the numbers, there was further evidence of the impact of the ongoing U.S China trade war, with exports to the U.S sliding once more.
With China demanding a rollback in tariffs and the U.S administration planning to introduce more on Sunday, it could be a telling week
For the Japanese Yen
The economy grew by 0.4% in the 3rdquarter, quarter-on-quarter, coming in ahead of a prelim 0.1%. In the 2ndquarter, the economy had also grown by 0.4%.
Year-on-year, the economy grew by 1.8%, coming in ahead of a forecast of 0.7% and prelim 0.2%. In the 2ndquarter, the economy had also grown by 1.8%.
According to thecabinet office,
This article was written by FX Empire's Bob Mason, for the full article: