Forex News for 22 Feb, 2023

• Judo Bank’s manufacturing PMI in Australia rose to a two-month high of 48.9 in February. However, the bank’s services business activity PMI improved from 48.6 to 49.2 but remained in contraction for a fifth straight month. The data suggests that while the manufacturing sector is showing signs of recovery, the services sector is still struggling due to COVID-19 related restrictions.
• Minutes from the Reserve Bank of Australia’s February meeting have revealed that members of the bank considered raising interest rates by 50 basis points. However, the bank ultimately decided to keep rates on hold at the meeting. The minutes suggest that the bank is monitoring inflationary pressures closely and may consider raising rates in the coming months if necessary.
• Japan’s factory activity contracted at its fastest pace in two and a half years in February, according to the latest data. The decline was due to weak global demand, supply chain disruptions, and rising energy prices. Experts suggest that the slowdown in factory activity could weigh on Japan’s economic growth in the coming months.
• Despite the slowdown in Japan’s manufacturing sector, the services sector showed signs of recovery in February. Jibun Bank’s services PMI rose from 52.3 to 53.6, an eight-month high. The data suggests that new orders accelerated and new businesses increased slightly, which could be a positive sign for
• Japan’s factory activity contracted at its fastest pace in two and a half years in February, dropping from 48.9 to 47.4 due to weak global demand.
• Jibun Bank Japan services PMI rose from 52.3 to 53.6, reaching an eight-month high in February. New orders accelerated, and new businesses increased slightly, contributing to the growth.
• In January, the UK public sector posted an unexpected budget surplus, with borrowing lower than expected.
• The Eurozone business activity hit a nine-month high in February due to rising demand, healing supply chains, and backlog reduction.

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