ForexLive Asia-Pacific FX news wrap: Happy New Year!

<ul><li><a href="https://www.forexlive.com/news/china-reports-a-strong-surge-in-travel-over-the-new-year-3-day-holiday-20240102/">China reports a strong surge in travel over the New Year 3 day holiday</a></li><li><a href="https://www.forexlive.com/news/us-dollar-still-gaining-ground-20240102/">US dollar still gaining ground</a></li><li><a href="https://www.forexlive.com/news/rising-middle-east-tensions-increase-the-likelihood-of-us-strikes-on-houthi-bases-in-yemen-20240102/">Rising Middle East tensions increase the likelihood of US strikes on Houthi bases in Yemen</a></li><li><a href="https://www.forexlive.com/news/market-anticipates-manufacturing-pmi-releases-from-uk-canada-and-us-on-tuesday-20240102/">Market anticipates Manufacturing PMI releases from UK, Canada, and US on Tuesday</a></li><li><a href="https://www.forexlive.com/centralbank/bank-of-america-predicts-no-rate-cut-from-the-reserve-bank-of-australia-until-2025-20240102/">Bank of America predicts no rate cut from the Reserve Bank of Australia until 2025</a></li><li><a href="https://www.forexlive.com/news/china-caixin-manufacturing-pmi-for-december-508-expected-503-20240102/">China Caixin Manufacturing PMI for December 50.8 (expected 50.3)</a></li><li><a href="https://www.forexlive.com/news/the-south-korean-opposition-leader-has-been-stabbed-at-a-media-appearance-20240102/">The South Korean Opposition Leader has been stabbed at a media appearance</a></li><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-reference-rate-for-today-at-70770-vs-estimate-at-70971-20240102/">PBOC sets USD/ CNY reference rate for today at 7.0770 (vs. estimate at 7.0971)</a></li><li><a href="https://www.forexlive.com/Cryptocurrency/bitcoin-has-hit-its-highest-since-april-of-2022-20240102/">Bitcoin has hit its highest since April of 2022</a></li><li><a href="https://www.forexlive.com/news/singapore-data-q4-advance-gdp-shows-economic-growth-beat-17-qq-and-28-yy-20240102/">Singapore data: Q4 Advance GDP shows economic growth beat: 1.7% q/q and 2.8% y/y</a></li><li><a href="https://www.forexlive.com/news/united-kingdom-data-december-brc-shop-price-index-43-vs-43-in-november-20240102/">United Kingdom data – December BRC Shop Price Index 4.3% vs. 4.3% in November</a></li><li><a href="https://www.forexlive.com/centralbank/icymi-chinas-xi-jinping-made-vague-promises-on-the-economy-in-a-speech-20240101/">ICYMI – China's Xi Jinping made vague promises on the economy in a speech</a></li><li><a href="https://www.forexlive.com/centralbank/reserve-bank-of-australia-implements-major-changes-for-2024-20240101/">Reserve Bank of Australia implements major changes for 2024</a></li><li><a href="https://www.forexlive.com/centralbank/boa-expect-the-us-federal-reserve-will-cut-its-funds-rate-by-100-basis-points-in-2024-20240101/">BoA expect the US Federal Reserve will cut its funds rate by 100 basis points in 2024</a></li><li><a href="https://www.forexlive.com/news/australia-final-december-manufacturing-pmi-476-prior-477-20240101/">Australia final December manufacturing PMI 47.6 (prior 47.7)</a></li><li><a href="https://www.forexlive.com/centralbank/japans-aeon-retailer-plans-to-to-raise-part-time-wages-by-7-in-2024-20240101/">Japan's Aeon (retailer) plans to to raise part-time wages by 7％ in 2024</a></li><li><a href="https://www.forexlive.com/news/trade-ideas-thread-tuesday-2-january-insightful-charts-technical-analysis-ideas-20240101/">Trade ideas thread – Tuesday, 2 January, insightful charts, technical analysis, ideas</a></li><li><a href="https://www.forexlive.com/news/tuesday-morning-open-levels-indicative-forex-prices-02-january-2024-20240101/">Tuesday morning open levels – indicative forex prices – 02 January 2024</a></li></ul><p>Weekend:</p><ul><li><a href="https://www.forexlive.com/news/there-is-only-one-trade-in-global-markets-right-now-20240101/">There is only one trade in global markets right now</a></li><li><a href="https://www.forexlive.com/technical-analysis/2023-currency-rankings-chf-emerges-strongest-jpy-weakest-20240101/">2023 Currency Rankings: CHF Emerges Strongest, JPY Weakest</a></li><li><a href="https://www.forexlive.com/news/magnitude-76-earthquake-hits-japan-20240101/">Magnitude 7.6 earthquake hits Japan</a></li><li><a href="https://www.forexlive.com/centralbank/bank-of-israel-cuts-benchmark-rate-to-450-from-475-20240101/">Bank of Israel cuts benchmark rate to 4.50% from 4.75%</a></li><li><a href="https://www.forexlive.com/news/weekly-market-outlook-02-05-january-20240101/">Weekly Market Outlook (02-05 January)</a></li><li><a href="https://www.forexlive.com/news/five-risks-for-the-canadian-dollar-in-2024-20231231/">Five risks for the Canadian dollar in 2024</a></li><li><a href="https://www.forexlive.com/news/china-dec-manufacturing-pmi-490-vs-495-expected-services-504-505-expected-20231231/">China Dec Manufacturing PMI 49.0 (vs. 49.5 expected) &amp; Services 50.4 (50.5 expected)</a></li><li><a href="https://www.forexlive.com/centralbank/whats-priced-in-for-the-bank-of-canada-in-2024-and-beyond-20231230/">What's priced in for the Bank of Canada in 2024 and beyond</a></li></ul><p>
The
first trading day for the new year here in Asia has been a rise for
the US dollar almost across the board.
</p><p>The
yen did show some very early hours strength after the huge weekend
earthquake in Japan but USD/JPY quickly reversed and hit highs
towards 141.70. EUR, NZD, GBP and more notably CHF lost ground. CAD
lost a few points against the US dollar but took some solace from a
rise in oil prices.
</p><p>Rising
tension in the Middle East, including the US military sinking Houthi
ships in the Red Sea, supported the oil price.</p><p>Over
the weekend from China we had official December PMIs. The
manufacturing
PMI slumped into deeper contraction. The unofficial, Caixin/S&amp;P
Global manufacturing PMI, was released today. It showed a contrary
result, rising a little further into expansion from November. AUD/USD
lost ground with the stronger USD during the session but has ended
little changed after that better Caixin PMI from China.
</p><p>In
regional news there
was an ugly political attack in South
Korea. The
opposition party leader who was stabbed in
the neck. According to local police the outcome was not as bad as it
could
have been, Lee Jae-myung
"suffered minor injuries, including a 1 cm laceration on his
neck…the bleeding was stopped at the scene, he is conscious, and
the amount of bleeding is minimal." The
won fell against the USD (alongside broader gains for the dollar, as
already noted).
</p>

This article was written by Eamonn Sheridan at www.forexlive.com.