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Doubts Arise Over the 7.5% Chinese Growth Target

By Benjamin Spier
12 July 2013 11:03 GMT

EUROPEAN SESSION UPDATE: US Dollar rises and Aussie falls in an otherwise quiet European session…

The European session has thus far been uneventful, as the economic calendar was unexciting and comments from officials did not impact Forex markets. However, the US Dollar has risen over the session, now beating the Australian Dollar by 0.89% for the day at the time of this writing.

In the economic calendar, Euro-zone industrial production met expectations for May, when it declined 0.3% from the previous month, worse than the 0.5% rise in production seen in April. The as-expected release had no significant impact on EUR/USD trading.

Before the start of the European session, Chinese Finance Minister Lou said that 6.5% growth may be tolerable in the future. The comments placed doubts on the Chinese government’s 7.5% growth target set for 2013. However, during the European session, reports came out saying that the official government growth target has not been changed.

Later in the day, JP Morgan and Wells Fargo will report earnings for the second quarter. The releases come in the context of the S&P hitting all-time new highs in Thursday’s session.

AUD/USD is trading below 0.9100 at the time of this writing, and a three year low set recently at 0.9035 may provide support. A recent support and resistance line around 0.9200 may continue to provide resistance.

(Did you understand all the terms used in today’s report? If so, test your skills with DailyFX’s Trading IQ Quiz.)

AUDUSD Daily: July 12, 2013

Doubts_Arise_Over_the_7.5_Chinese_Growth_Target_body_audusd.png, Doubts Arise Over the 7.5% Chinese Growth Target

Chart created by Benjamin Spier using Marketscope 2.0

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-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to bbspier@fxcm.com .

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12 July 2013 11:03 GMT