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Fundamental Forex Analysis

Recovery in China’s factory activity is accelerating

Recovery in China’s factory activity is accelerating, said the country’s Commerce Ministry spokesman on Thursday.

Further comments

China will actively expand imports.

China will act to stabilize its foreign trade.

Increasing downward pressure on global economy, growing external uncertainties.

Coronavirus spreads overseas, short-term impact on global supply chain cannot be avoided.

Coronavirus pandemic could affect recovery of operations for firms dependent on foreign trade.

Will support Chinese firms to expand imports of key raw materials.

Meanwhile, China’s National Health Commission (NHC) said that the country has passed the peak of the coronavirus epidemic.

Market reaction

Markets have turned a deaf ear to the positive narrative popping up out from China, as it seems the country is running back to normalcy post-the fatal virus outbreak.

The market mood remains dull, as the US and European stock futures remain in a sea of red alongside the US Treasury yields. USD/JPY is down almost 1% near 103.50, having failed to sustain above the 104 level.

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