Free Trial

AUD, NZD On Top as China GDP Ahead of Forecast

FOREX
  • The dollar is giving back a large part of the Monday gains ahead of the NY crossover, allowing EUR/USD to trade back to flat on the week and GBP/USD to climb through the Monday high. The later received a boost from pay and jobs data this morning, which showed average weekly earnings beating forecast on both a inc. and ex. bonus basis. Resultingly, GBP is close to the top-end of the G10 table.
  • AUD and NZD are outperforming, putting AUD/USD back to cluster resistance at the 200- and 50-dmas of 0.6744 / 0.6739 following the China GDP data overnight: Q1 growth came in ahead of expectations at 4.5% Y/Y and 2.2% on a Q/Q basis. As a result, a number of sell-side outfits have upped their China growth views for 2023.
  • Canadian CPI data takes focus going forward, with markets looking for CPI to slow to 4.3% from 5.2% on a Y/Y basis. US building permits and housing starts are also set for release. Nonetheless, more attention likely to be paid to the speaker slate today: ECB's Centeno, BoC's Macklem & Rogers and Fed's Bowman are all on the docket.
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com
MNI London Bureau | +44 203-865-3809 | edward.hardy@marketnews.com

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.