News & Analysis at your fingertips.

We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

0

Notifications

Notifications below are based on filters which can be adjusted via Economic and Webinar Calendar pages.

Live Webinar

Live Webinar Events

0

Economic Calendar

Economic Calendar Events

0
Free Trading Guides
Subscribe
Please try again
EUR/USD
Bullish
Oil - US Crude
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Wall Street
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Bearish
GBP/USD
Bullish
USD/JPY
Bearish
More View more
Real Time News
  • The Australian Dollar may be at risk of losses against the New Zealand Dollar after an unexpectedly high NZ inflation reading sent AUD/NZD towards challenging short-term rising trend support. Get your market update from @ddubrovskyFX here:https://t.co/PfV9MCIvw1 https://t.co/iLTliBJaXG
  • Wall Street Futures Update: Dow Jones (+0.04%) S&P 500 (+0.09%) Nasdaq 100 (+0.47%) [delayed] -BBG
  • The Bitcoin/Ethereum ratio’s break to its lowest levels since August 2018 suggests that ETH may continue to outperform BTC in the coming weeks. Key levels to watch for Bitcoin and Ethereum. Get your $btc market update from @DanielGMoss here:https://t.co/mo3rw7bP4v https://t.co/qKJMkhbdkN
  • Overlooked this past session given the extreme volatility in heavily shorted US stocks: the PBOC warned of an asset bubble as it drained liquidity; the IMF said Biden's $1.9 tln stimulus could add 5ppt GDP to the US over 3 years and ECB made a thinly veiled threat over $EURUSD
  • 🇦🇺 Inflation Rate QoQ (Q4) Actual: 0.9 Expected: 0.7% Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-01-27
  • 🇦🇺 Inflation Rate YoY (Q4) Actual: 0.9% Expected: 0.7% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-01-27
  • 🇦🇺 Westpac Leading Index MoM (DEC) Actual: 0.12% Previous: 0.69% https://www.dailyfx.com/economic-calendar#2021-01-27
  • Heads Up:🇦🇺 Westpac Leading Index MoM (DEC) due at 00:30 GMT (15min) Actual: 0.12% Previous: 0.69% https://www.dailyfx.com/economic-calendar#2021-01-27
  • Heads Up:🇦🇺 Inflation Rate QoQ (Q4) due at 00:30 GMT (15min) Expected: 0.7% Previous: 1.6% https://www.dailyfx.com/economic-calendar#2021-01-27
  • Heads Up:🇦🇺 Inflation Rate YoY (Q4) due at 00:30 GMT (15min) Expected: 0.7% Previous: 0.7% https://www.dailyfx.com/economic-calendar#2021-01-27
China 2015 Growth Lifts Copper, Shares despite a Miss in 4Q Data

China 2015 Growth Lifts Copper, Shares despite a Miss in 4Q Data

Nathalie Huynh,

Talking Points:

  • China’s 2015 GDP in line with expectation though 4Q data missed forecast
  • Gold fades as risk appetite builds temporarily after China report
  • Oil traded muted amid mixed reaction in other assets
  • Copper rose with shares citing 2015 growth, after initial slump on soft 4Q figure

China fourth-quarter GDP was lower than forecasted yet the year-to-date (2015) figure met expectation at 6.9%. After mild risk-selling initially, Asia market seemed to take solace in the acceptable yearly GDP. Industrial production was also soft in December. More volatility may emerge through Asia’s trade and as Europe and US digest these reports.

China 2015 Growth Lifts Copper, Shares despite a Miss in 4Q Data

Sector breakdown of Q4 GDP will be released a day later.

Oil price traded flat so far in Asia and seems unfazed to a miss in China fourth-quarter growth data today. Both benchmarks recovered to trade within a range, after yesterday’s turmoil led to record lows of $28.36 in WTI and $27.67 in Brent.

Oil has turned surprisingly resilient this week despite a sharp projection of production by Iran following the long-awaited abolition of economic sanction. However only a retracement above $30 would help to restore investors’ faith.

Copper price holds on to yesterday’s rebound given decent 2015 Chinese growth, despite conflicting pressure from lower 4Q GDP. Market is now waiting for sector breakdown of this quarterly data by tomorrow, which may offer hints on manufacturing slowdown and in turn drive prices of industrial metals.

Positive correlation between copper futures and China’s quarterly GDP since 2011

China 2015 Growth Lifts Copper, Shares despite a Miss in 4Q Data

Gold price saw brief downside volatility before China GDP release, bounced back at the soft 4Q figure, then lowered again when regional stocks rose on the back of yearly GDP. Mixed reaction in Asian market will likely continue onto European session, and batter gold around in the process.

GOLD TECHNICAL ANALYSIS – Gold traded in range after a bounce from 1071.5 support last week. Today’s band narrows on a second day as volatility wanes given mixed macro signal. Range traders may await wider moves to play the range at any dip or rally.

China 2015 Growth Lifts Copper, Shares despite a Miss in 4Q Data

Daily Chart - Created Using FXCM Marketscope

COPPER TECHNICAL ANALYSIS – Copper price has fully bounced up from 1.9355 support level. Today’s focus shifted to the topside with resistance at 10-day moving average of 1.987, then 2.0020. The upturn in momentum proved resilient and a good sign to dip buyers.

China 2015 Growth Lifts Copper, Shares despite a Miss in 4Q Data

Daily Chart - Created Using FXCM Marketscope

CRUDE OIL TECHNICAL ANALYSIS Like other commodities, WTI oil retains upside movements today. However the benchmark is still vulnerable to a return of risk flight as it lacks momentum to sustain any climb above $30. Resistance is 10-day moving average at 31.15.

China 2015 Growth Lifts Copper, Shares despite a Miss in 4Q Data

Daily Chart - Created Using FXCM Marketscope

--- Written by Nathalie Huynh, Currency Strategist for DailyFX.com

Contact and follow Nathalie on Twitter: @nathuynh

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES