Doubts Arise Over the 7.5% Chinese Growth Target
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.
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.
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AUDUSD Daily: July 12, 2013
Chart created by Benjamin Spier using Marketscope 2.0
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-- Written by Benjamin Spier, DailyFX Research. Feedback can be sent to email@example.com .
DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.