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USD Softens On China Data Beats, But Not Much Follow Through

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Higher beta FX has nudged higher post the China data beats, but there hasn't been much follow through. China Q4 GDP was flat, versus market expectations of a contraction, while monthly indicators were also better than expected for Dec. IP rose by 1.3% y/y (versus 0.1% expected), while retail sales fell by -1.8% y/y (-9.0% forecast).

  • AUD/USD got close to 0.6980, versus 0.6965 pre data. It remains the best performer within the G10 space so far today (+0.30%). NZD is playing catch up though, last near 0.6400.
  • USD/JPY has drifted a touch lwoer, but remains up for the session, last near 128.70.
  • USD/CNH is back sub 6.7500, we got close to 6.7600 pre the data. 1 month USD/KRW is back to the 1236 region, against 1239/40 prior to the data prints.
  • The BBDXY is back softer for the session, last around 1226.30.
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Higher beta FX has nudged higher post the China data beats, but there hasn't been much follow through. China Q4 GDP was flat, versus market expectations of a contraction, while monthly indicators were also better than expected for Dec. IP rose by 1.3% y/y (versus 0.1% expected), while retail sales fell by -1.8% y/y (-9.0% forecast).

  • AUD/USD got close to 0.6980, versus 0.6965 pre data. It remains the best performer within the G10 space so far today (+0.30%). NZD is playing catch up though, last near 0.6400.
  • USD/JPY has drifted a touch lwoer, but remains up for the session, last near 128.70.
  • USD/CNH is back sub 6.7500, we got close to 6.7600 pre the data. 1 month USD/KRW is back to the 1236 region, against 1239/40 prior to the data prints.
  • The BBDXY is back softer for the session, last around 1226.30.