Aussie Dollar Edges Higher on China GDP, Yen May Rise on US Data
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" style="text-align:justify"> Talking Points:
- Aussie Dollar Edges Higher on Modestly Better Than Expected Chinese GDP
- US Dollar Yen May Rise if Upbeat Home Sales Data Fuels Fed Rates Outlook
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The Australian Dollar narrowly outperformed in overnight trade rising as much as 0.3 percent on average against its leading counterparts following a narrowly better-than-expected Chinese GDP report. Output grew at a year-on-year rate of 7.3 percent compared with economists’ expectations of 7.2 percent. The outcome still amounted to the lowest reading since the post-crisis trough in the first quarter of 2009 painting a picture that is hardly encouraging as markets fret about slowing global performance.
A quiet economic calendar in European trading hours is likely to see traders looking ahead to US news-flow where September’s Existing Home Sales data is in focus. A print at 5.10 million transactions is expected marking a 1 percent increase from the prior month. US data outcomes have cautiously improved relative to expectations in recent weeks which may suggest analysts are underestimating the vigor of the North American behemoth and opening the door for an upside surprise.
Such an outcome may help rebuild Fed rate hike expectations boosting the US Dollar. Renewed bets on the relatively sooner onset of Fed tightening against a backdrop of swelling global slowdown fears may likewise undermine risk appetite amid fears that US growth will be insufficient to offset downturns in the Eurozone and China. That might put risk-geared currencies under pressure while boosting safety-linked alternatives like the Japanese Yen.
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Asia Session
|
" style="text-align:center"> GMT |
" style="text-align:center"> CCY |
" style="text-align:center"> EVENT |
" style="text-align:center"> ACT |
" style="text-align:center"> EXP |
" style="text-align:center"> PREV |
|
" style="text-align:center"> 21:45 |
" style="text-align:center"> NZD |
Net Migration s.a. (SEP) |
" style="text-align:center"> 4670 |
" style="text-align:center"> - |
" style="text-align:center"> 4720 |
|
" style="text-align:center"> 22:30 |
" style="text-align:center"> AUD |
ANZ Roy Morgan Weekly Consumer Conf |
" style="text-align:center"> 111.6 |
" style="text-align:center"> - |
" style="text-align:center"> 113.8 |
|
" style="text-align:center"> 0:30 |
" style="text-align:center"> AUD |
RBA Releases Minutes from Oct. Meeting |
" style="text-align:center"> - |
" style="text-align:center"> - |
" style="text-align:center"> - |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> CNY |
GDP SA (QoQ) (3Q) |
" style="text-align:center"> 1.9% |
" style="text-align:center"> 1.8% |
" style="text-align:center"> 2.0% |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> CNY |
GDP (YoY) (3Q) |
" style="text-align:center"> 7.3% |
" style="text-align:center"> 7.2% |
" style="text-align:center"> 7.5% |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> CNY |
GDP YTD (YoY) (3Q) |
" style="text-align:center"> 7.4% |
" style="text-align:center"> 7.4% |
" style="text-align:center"> 7.4% |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> CNY |
Industrial Production (YoY) (SEP) |
" style="text-align:center"> 8.0% |
" style="text-align:center"> 7.5% |
" style="text-align:center"> 6.9% |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> CNY |
Industrial Production YTD (YoY) (SEP) |
" style="text-align:center"> 8.5% |
" style="text-align:center"> 8.4% |
" style="text-align:center"> 8.5% |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> CNY |
Retail Sales (YoY) (SEP) |
" style="text-align:center"> 11.6% |
" style="text-align:center"> 11.7% |
" style="text-align:center"> 11.9% |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> CNY |
Retail Sales YTD (YoY) (SEP) |
" style="text-align:center"> 12.0% |
" style="text-align:center"> 12.1% |
" style="text-align:center"> 12.1% |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> CNY |
Fixed Assets Ex Rural YTD (YoY) (SEP) |
" style="text-align:center"> 16.1% |
" style="text-align:center"> 16.3% |
" style="text-align:center"> 16.5% |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> NZD |
Credit Card Spending (MoM) (SEP) |
" style="text-align:center"> 0.2% |
" style="text-align:center"> - |
" style="text-align:center"> 0.7% |
|
" style="text-align:center"> 2:00 |
" style="text-align:center"> NZD |
Credit Card Spending (YoY) (SEP) |
" style="text-align:center"> 4.4% |
" style="text-align:center"> - |
" style="text-align:center"> 4.2% |
|
" style="text-align:center"> 4:30 |
" style="text-align:center"> JPY |
All Industry Activity Index (MoM) (AUG) |
" style="text-align:center"> -0.4% |
" style="text-align:center"> -0.2% |
|
|
" style="text-align:center"> 5:00 |
" style="text-align:center"> JPY |
Supermarket Sales (YoY) (SEP) |
" style="text-align:center"> - |
" style="text-align:center"> -0.1% |
European Session
|
" style="text-align:center"> GMT |
" style="text-align:center"> CCY |
" style="text-align:center"> EVENT |
" style="text-align:center"> EXP |
" style="text-align:center"> PREV |
" style="text-align:center"> IMPACT |
|
" style="text-align:center"> 6:00 |
" style="text-align:center"> CHF |
Trade Balance (SFr) (SEP) |
" style="text-align:center"> 2.49B |
" style="text-align:center"> 1.33B |
" style="text-align:center"> Medium |
|
" style="text-align:center"> 6:00 |
" style="text-align:center"> CHF |
Exports (MoM) (SEP) |
" style="text-align:center"> - |
" style="text-align:center"> -0.7% |
" style="text-align:center"> Low |
|
" style="text-align:center"> 6:00 |
" style="text-align:center"> CHF |
Imports (MoM) (SEP) |
" style="text-align:center"> - |
" style="text-align:center"> 6.4% |
" style="text-align:center"> Low |
|
" style="text-align:center"> 7:00 |
" style="text-align:center"> CHF |
Money Supply M3 (YoY) (SEP) |
" style="text-align:center"> - |
" style="text-align:center"> 3.4% |
" style="text-align:center"> Low |
|
" style="text-align:center"> 8:30 |
" style="text-align:center"> GBP |
Public Sector Net Borrowing (£) (SEP) |
" style="text-align:center"> 9.4B |
" style="text-align:center"> 10.9B |
" style="text-align:center"> Low |
|
" style="text-align:center"> 8:30 |
" style="text-align:center"> GBP |
Public Finances (PSNCR) (£) (SEP) |
" style="text-align:center"> - |
" style="text-align:center"> 1.6B |
" style="text-align:center"> Low |
|
" style="text-align:center"> 8:30 |
" style="text-align:center"> GBP |
PSNB ex Banking Groups (SEP) |
" style="text-align:center"> 10.1B |
" style="text-align:center"> 11.6B |
" style="text-align:center"> Low |
|
" style="text-align:center"> 8:30 |
" style="text-align:center"> GBP |
Central Government NCR (SEP) |
" style="text-align:center"> - |
" style="text-align:center"> 3.1B |
" style="text-align:center"> Low |
|
" style="text-align:center"> 9:00 |
" style="text-align:center"> EUR |
Eurozone Gov't Debt/GDP Ratio (2013) |
" style="text-align:center"> - |
" style="text-align:center"> 92.6% |
" style="text-align:center"> Low |
Critical Levels
|
" style="text-align:center"> CCY |
" style="text-align:center"> Supp 3 |
" style="text-align:center"> Supp 2 |
" style="text-align:center"> Supp 1 |
" style="text-align:center"> Pivot Point |
" style="text-align:center"> Res 1 |
" style="text-align:center"> Res 2 |
" style="text-align:center"> Res 3 |
|
" style="text-align:center"> EURUSD |
" style="text-align:center"> 1.2611 |
" style="text-align:center"> 1.2697 |
" style="text-align:center"> 1.2749 |
" style="text-align:center"> 1.2783 |
" style="text-align:center"> 1.2835 |
" style="text-align:center"> 1.2869 |
" style="text-align:center"> 1.2955 |
|
" style="text-align:center"> GBPUSD |
" style="text-align:center"> 1.5943 |
" style="text-align:center"> 1.6042 |
" style="text-align:center"> 1.6104 |
" style="text-align:center"> 1.6141 |
" style="text-align:center"> 1.6203 |
" style="text-align:center"> 1.6240 |
" style="text-align:center"> 1.6339 |
" style="text-align:justify"> --- Written by Ilya Spivak Currency Strategist for DailyFX.com
" style="text-align:justify"> To receive Ilya's analysis directly via email please SIGN UP HERE
" style="text-align:justify"> Contact and follow Ilya on Twitter: @IlyaSpivak
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