{"id":21934,"date":"2022-02-07T06:48:00","date_gmt":"2022-02-07T06:48:00","guid":{"rendered":"https:\/\/youtrading.com\/en\/?p=21934"},"modified":"2022-02-07T11:39:46","modified_gmt":"2022-02-07T11:39:46","slug":"china-returns-after-long-holiday","status":"publish","type":"post","link":"https:\/\/youtrading.com\/en\/china-returns-after-long-holiday\/","title":{"rendered":"China returns after long holiday"},"content":{"rendered":"\t\t
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Morning Update<\/strong><\/p>

Asian equity markets were weighed down by soggy data from China, as the world\u2019s second-largest economy and many other key Asian nations returned from a long holiday break, commonly known as Chinese new year.<\/p>

The Caixin Market PMI services data came in at 51.4, which was the slowest pace of expansion in over 5-months. This is important because China is trying to transfer into a service-related economy, as well as a manufacturing powerhouse.<\/p>

Reports suggest the resurgence of Covid-19 in several regions such as Xi\u2019an and Beijing forced local governments to tighten epidemic control measures, which restricted production, transportation, and sales of goods.<\/p>

It has become more evident that China\u2019s economy is straining under the triple pressures of contracting demand, supply shocks and weakening expectation. Attention is also on the Beijing Winter games today.<\/p>

The MSCI\u2019s index of Asia-Pacific shares outside Japan fell 0.20% intraday, while Japan\u2019s Nikkei 225<\/a> declines 0.80% heading into Monday\u2019s European session. Australia\u2019s ASX 200 print mild intraday losses as traders factor in the softer China Caixin Services PMI<\/p>

Adding to the mixed concerns are fears of the Russia-Ukraine border tension and the mixed Non-farm payrolls job report last Friday. The US 10-year Treasury yields<\/a> are moving away from a two-year high while the S&P 500 Futures<\/a> flatline.<\/p>

The US dollar index<\/a> is attempting to recover after last week\u2019s big sell-off. It must be said that given the magnitude of last week\u2019s decline in the buck, this recovery is very tentative as the greenback suffered its heaviest loss since Nov 2020.<\/p>

Given the full market\u2019s mood, we are likely to see US dollar traders focus on Thursday\u2019s US inflation data, which could be a make or event from the US dollar index and all the major currencies in the US dollar index basket.<\/p>

Outside of the US dollar, gold<\/a> is hanging tough above the $1,810 support level at the time of writing, while silver<\/a> is having a better session after last week\u2019s scary drop towards the worst levels of the year so far.<\/p>

Bitcoin is on course for its biggest 7-day gain since the summer of last year. BTCUSD is testing $43,000, with no meaningful resistance above this level until the $44,000 and $47,000 resistance zones.<\/p>\t\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t\t\t\t\t\t<\/div>\n\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

Morning Update Asian equity markets were weighed down by soggy data from China, as the world\u2019s second-largest economy and many other key Asian nations returned from a long holiday break, commonly known as Chinese new year. The Caixin Market PMI services data came in at 51.4, which was the slowest pace of expansion in over […]<\/p>\n","protected":false},"author":4,"featured_media":21936,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[2],"tags":[176,99,64,28,164,49,307],"yoast_head":"\nChina returns after long holiday - Youtrading UK<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/youtrading.com\/en\/china-returns-after-long-holiday\/\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"China returns after long holiday China returns after long holiday\" \/>\n<meta property=\"og:description\" content=\"Asian equity markets were weighed down by soggy data from China, as the world\u2019s second-largest economy and many other key Asian nations returned from a long holiday break, commonly known as Chinese new year.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/youtrading.com\/en\/china-returns-after-long-holiday\/\" \/>\n<meta property=\"og:site_name\" content=\"Youtrading UK\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/YouTradingEnglish\/\" \/>\n<meta property=\"article:published_time\" content=\"2022-02-07T06:48:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-02-07T11:39:46+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/youtrading.com\/en\/wp-content\/uploads\/2022\/02\/yu-kato-n7NOMM5qk7I-unsplash.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"640\" \/>\n\t<meta property=\"og:image:height\" content=\"408\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Nathan Batchelor\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"China returns after long holiday China returns after long holiday\" \/>\n<meta name=\"twitter:description\" content=\"Asian equity markets were weighed down by soggy data from China, as the world\u2019s second-largest economy and many other key Asian nations returned from a long holiday break, commonly known as Chinese new year.\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Nathan Batchelor\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/youtrading.com\/en\/china-returns-after-long-holiday\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/youtrading.com\/en\/china-returns-after-long-holiday\/\"},\"author\":{\"name\":\"Nathan Batchelor\",\"@id\":\"https:\/\/youtrading.com\/en\/#\/schema\/person\/88ce8e6688d6c690a83e6cbeee2eccab\"},\"headline\":\"China returns after long holiday\",\"datePublished\":\"2022-02-07T06:48:00+00:00\",\"dateModified\":\"2022-02-07T11:39:46+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/youtrading.com\/en\/china-returns-after-long-holiday\/\"},\"wordCount\":380,\"publisher\":{\"@id\":\"https:\/\/youtrading.com\/en\/#organization\"},\"keywords\":[\"Bitcoin\",\"China\",\"Crude oil\",\"GOLD\",\"PMI\",\"Silver\",\"USD\"],\"articleSection\":[\"Markets\"],\"inLanguage\":\"en-GB\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/youtrading.com\/en\/china-returns-after-long-holiday\/\",\"url\":\"https:\/\/youtrading.com\/en\/china-returns-after-long-holiday\/\",\"name\":\"China returns after long holiday - 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