Aussie seems to be in negative trend despite the reports being positive. China’s Consumer Price Index (CPI) and Producer Price Index (PPI) for December crossed upbeat forecasts while flashing 0.2% and -0.4% YoY figures. Monthly CPI 0.7% versus 0.4% expected -0.6% prior has to be noted. Earlier today, Australia’s final reading of November’s Retail Sales rose past-7.00% forecast to 7.1% whereas a monthly inflation report from the Melbourne Institute grew beyond 1.3% YoY to 1.5%. However, challenges to risks weigh on the Aussie.
Worsening coronavirus (COVID-19) conditions and the Sino-American tussle are the reasons for the tension, a main contributor for the tension is the Donald Trump. Although Greater Brisbane is free from activity restrictions after 3 days lockdown while finding zero cases of the pandemic, chatters concerning the spread of the virus strain, found in the UK and South Africa, weigh on risks.
Adding further, the US is about to consider more sanctions on China. The Trump administration recently raised standard for doing business with eight Chinese applications and pushed the New York Stock Exchange (NYSE) to rethink over the delisting of stocks from Beijing. Also Goldman Sachs and Morgan Stanley are considering reducing holdings from Hong Kong due to the same reason.
Another news that joins the risk is cyber attack that breached the data systems of New Zealand’s central bank also affected other users of a third-party file sharing application, the bank said on Monday. The breach was contained but it will take time to determine the impact, Adrian Orr, the governor of the Reserve Bank of New Zealand, said in a statement. “We have been advised by the third party provider that this wasn’t a specific attack on the Reserve Bank, and other users of the file-sharing application were also compromised,” Orr added.
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