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AUD Nears Key Support on Poor Chinese Data

FOREX
  • China GDP data overnight came in ahead of market expectations, putting the Y/Y growth rate at 4.8% - a pace still below the Politboro target. Rolling lockdowns and a re-flaring of COVID across major industrial cities were cited, as the raft of data showed consumer spending falling at the largest clip since the initial breakout of the virus in 2020.
  • Signs of weakness hampered the progress of AUD - the session's poorest performing currency - narrowing the gap in AUD/USD with first key support at the 0.7340 50-dma. The greenback fared better, putting the USD Index within range of new cycle highs amid the general risk-off environment Monday.
  • Conflict across Ukraine persisted over the weekend, with Kyiv reporting several missile strikes in the Western city of Lviv - just 70km east of the Polish border. The strikes are said to have resulted in a number of fatalities, and show that no part of the country is exempt from the Russian invasion despite the pullback of Russian forces into eastern territories.
  • Focus Tuesday turns to the return of EU and UK traders after the extended weekend as well as the release of US housing starts & building permits data. RBA minutes of their latest meeting cross as well as a speech from Fed's Evans.
  • Earnings season enters its second week, with 15% of the S&P 500 by market cap reporting. Notable releases include Bank of America, IBM, Johnson & Johnson, Proctor & Gamble, Tesla and Netflix.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
Energy BulletsCommodities

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