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Chinese Data Spoil Mood, Spark Limited Risk-Off Reaction

FOREX

Risk appetite took a modest hit after the release of China's underwhelming economic activity indicators, with slowdown in retail sales growth proving particularly pronounced. USD/CNH extended gains to fresh session highs but in the grand scheme of things the price reaction was very limited. The pair had earlier crept higher, with the PBOC fixing slightly softer than estimated.

  • Below-forecast Chinese data sent the Antipodeans to session lows but then recouped the bulk of losses.
  • The yen registered some gains into the Tokyo fix and remained among the best G10 performers, along its safe haven peer CHF.
  • AUD/JPY attacked the psychological Y80.00 barrier and printed its worst levels since Aug 30, before retracing most of its downswing.
  • Participants look ahead to inflation data from the UK and Canada, U.S. Empire M'fing and industrial output, as well as comments from ECB's Lane and Schnabel.
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