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Weak Set Of Chinese Activity Data Weighs On Risk

FOREX

Risk getting sold after Chinese activity indicators missed expectations, with safe havens JPY, USD and CHF turning bid.

  • The annual growth in industrial output, retail sales and fixed assets was slower than forecast, while property investment slumped more than anticipated. The unemployment rate unexpectedly slipped, but the rate for 16-24 years old rose to a record high.
  • Offshore yuan has extended earlier losses registered on the back of an unexpected cut to the MLF rate.
  • Regional risk barometer AUD/JPY has shed ~30 pips but still operates within the prior trading day's range.
  • The BBDXY posted two consecutive leaps higher in tandem with the move in USD/CNH in reaction to the PBOC's MLF cut & Chinese data.
  • USD/JPY has moved away from its session low of Y132.92 as the greenback has found poise. Still, the yen remains the best G10 performer.
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