Aussie Dollar Edges Higher on China GDP, Yen May Rise on US Data

Date

10/20/2014 11:36:46 PM

(MENAFN- DailyFX) DailyFX.com - r>

" style="text-align:justify">

" 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

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" style="text-align:justify"> Contact and follow Ilya on Twitter: @IlyaSpivak

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