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Forex Today: Asia greets 2019 with risk-off, eyes on UK manufacturing PMI

Forex today greeted 2019”s first Asian trading with a soured risk sentiment, dented by looming concerns over the 2018 while awful Chinese Caixin manufacturing numbers intensified risk-aversion. The safe-havens Yen and gold were the biggest beneficiaries of the reduced risk appetite while the Aussie was the weakest and tested the key 0.7000 support level. The Kiwi was also offered into a sell-off in stocks and oil prices, as investors shunned risk assets amid US-China trade worries, global economic growth concerns and US political woes. The Loonie enjoyed good two-way price movements, now headed back to 1.3600 amid a renewed selling wave seen in the US dollar across its main competitors. Meanwhile, both the EUR and the GBP traded better bid, as the focus now shifts towards the January Brexit showdown.

Main Topics in Asia

North Korea's Kim: ready to meet Trump 'anytime' - Reuters

Ex-PBOC Member: China needs expansionary policy

China's Caixin Manufacturing PMI for December slips to 49.7

IPSOS Mori: Business leaders fear deteriorating economic conditions in UK - FT

Asian stocks cowed by bad China data, Nikkei sinks into ¥21,000

Key Focus Ahead

Holiday thinned-trading is likely to extend into Europe, although markets gear up for the final Markit manufacturing PMI reports from across the Euro area that will drop in from 0815 GMT. At 0930 GMT, the UK manufacturing PMI will be released that will draw some market attention.

In the NA session, the Canadian and US Markit manufacturing PMI reports will be published at 1430 GMT and 1445 GMT respectively. Around that time, markets will also see New Zealand’s GDT price index figures.

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