Daily Market Commentary 25th January 2023

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Markets traded flat again overnight, with little action from Asia, as China celebrates the lunar New Year. Flash PMI data from Australia was weak , as was Japanese PMI , although Services moved into positive territory. US flash PMI remained in contraction mode, while European PMI showed small signs of improvement. The EUR traded 1.0880, while the GBP fell back to 1.2320, following  weak PMI numbers.

The softer reserve allowed commodity currencies to continue the recent rally, with the AUD consolidating above 0.7000, while the NZD looks to regain 0.6500. Markets will watch local inflation data out of NZ and Australia today, for direction.

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