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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.
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