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Antipodeans Pressured After Chinese Data

FOREX

The AUD and NZD are pressured in Asia on Monday, early pressure extended after a mixed round of Chinese data. Q2 GDP was as expected in q/q terms (+0.8%), but weaker in y/y terms (6.3%, versus 7.1% forecast)Industrial Production was firmer than expected but Retail Sales was a touch softer than forecast in June.

  • AUD/USD prints at $0.6805/10, the pair is ~0.4% softer today. Support comes in at $0.6784, the low from July 13, and $0.6713, the 20-Day EMA.
  • Kiwi is also pressured, early losses marginally extended after risk sentiment soured post the Chinese data. NZD/USD prints at $0.6345/50, support comes in at the 13 July low ($0.6290).
  • Yen is marginally firmer, however ranges remain narrow with little follow through on moves. Japanese markets have been closed for the observance of a national holiday on Monday.
  • Elsewhere in G-10 EUR and GBP are a touch lower, BBDXY is up ~0.1%.
  • Cross asset wise; US Tsy futures are marginally firmer and e-minis are down ~0.1%. WTI futures are pressured down ~0.8%.
  • Empire Mfg from the US is the highlight of an otherwise thin docket on Monday.
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