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High Beta FX Rallying Post China Data

CHINA DATA

China Jan-Feb activity data was a touch better than expected in aggregate. IP printed 2.4% (2.6% expected), while retail sales was 3.5% as forecast. Fixed asset investment was firmer than forecast +5.5% (+4.5% forecast), as property investment was less of a drag (-5.7%). Property sales also rebounded to +3.5%.

  • The data should encourage the view of the China recovery remaining on track. The signs from the property numbers may be particularly encouraging this front.
  • In terms of market reaction, in the FX space the USD has weakened post the prints. AUD and NZD leading the way, both up around 0.35%, with AUD/USD back to 0.6705/10, NZD/USD to 0.6255/60.
  • In Asia FX, USD/CNH is back lower but only as far as 6.8750. 1 month USD/KRW is down 0.60% to 1295, close to recent lows.
  • Equity markets are maintaining positive gains, although we haven't seen a fresh leg higher post the data prints.
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