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China GDP Data Crimps AUD, NZD Progress

FOREX
  • Chinese GDP data crossed overnight, coming in well below forecast at 0.4% Y/Y vs. Exp. 1.2% as the rolling lockdowns across major cities through Q2 hampered economic performance. As a result, currency markets trade with a general risk-off feel, leading the likes of AUD and NZD lower. AUD is among the session's worst performers, lower against most others but AUD/USD has so far steered clear of any test on the week's cycle lows at $0.6682.
  • Nonetheless, equity futures are more stable, with the e-mini S&P holding the bulk of the late recovery posted on Thursday. The greenback is offered, putting the USD Index off the week's best levels posted yesterday.
  • The dollar moves have moderated the pressure on EUR/USD, with the rate back above the parity level that gave way earlier this week.
  • Focus turns to the June US retail sales reading as well as the import/export price indices. The prelim read for University of Michigan sentiment data will be a highlight considering the Fed's focus on the inflation expectations element of the survey.
  • Central bank speakers today include Fed's Bostic, Bullard & Bailey as well as ECB's Rehn.
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