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.

Free Trading Guides
EUR/USD
Bearish
Oil - US Crude
Bearish
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
Mixed
GBP/USD
Mixed
USD/JPY
Mixed
More View more
Real Time News
  • 🇯🇵 All Industry Activity Index MoM Actual: -3.8% Previous: -0.7% https://www.dailyfx.com/economic-calendar#2020-05-26
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 96.64%, while traders in US 500 are at opposite extremes with 76.83%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/TcyJoemjzl
  • Forex Update: As of 04:00, these are your best and worst performers based on the London trading schedule: 🇳🇿NZD: 0.45% 🇦🇺AUD: 0.41% 🇨🇦CAD: 0.24% 🇪🇺EUR: 0.19% 🇨🇭CHF: 0.14% 🇯🇵JPY: -0.07% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/GIhmNlRbox
  • Heads Up:🇯🇵 All Industry Activity Index MoM due at 04:30 GMT (15min) Previous: -0.6% https://www.dailyfx.com/economic-calendar#2020-05-26
  • Indices Update: As of 04:00, these are your best and worst performers based on the London trading schedule: Germany 30: 1.11% France 40: 1.11% FTSE 100: 0.66% Wall Street: 0.56% US 500: 0.38% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2KW0hE7YH7
  • AUSTRALIA PM MORRISON: - Businesses need to judge China risk, but iron ore trading figures reassuring - Reopening the economy over 3-5 years will be more difficult than closing it down, facing "most challenging [economy]...outside of wartime." #AUDUSD
  • (#ASEAN Fundy) The US Dollar could rise against ASEAN currencies such as the Singapore Dollar as US-China tensions seem to escalate. The Indian Rupee is also looking ahead of local 1Q GDP data $USDSGD #USD $USDINR - https://www.dailyfx.com/forex/fundamental/article/special_report/2020/05/25/US-Dollar-May-Rise-as-SGD-Falls-on-US-China-Woes-Indian-Rupee-at-Risk.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/BHR1vaN8vO
  • BOJ GOV KURODA: - will consider expanding ETF purchases if needed - monetary easing is needed until price-target is met - will consider new easing measures if needed - BoJ's extraordinary measures wont stay post-coronavirus #USDJPY #BOJ
  • Commodities Update: As of 02:00, these are your best and worst performers based on the London trading schedule: Silver: 1.44% Oil - US Crude: 1.02% Gold: 0.15% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/zbMOhIkpeW
  • As political tensions between the US and China increase, $gld is picking up a safe-haven bid ahead of the long weekend and may look to press higher. Get your $XAUUSD market update from @nickcawley1 here: https://t.co/boUn4vyfCO https://t.co/beDj1yEO0U
Dollar at Risk as Neutral China GDP Opens Door for Sentiment Recovery

Dollar at Risk as Neutral China GDP Opens Door for Sentiment Recovery

2012-07-13 07:21:00
Ilya Spivak, Head Strategist, APAC
Share:

Talking Points

  • Neutral China GDP Report Clears Path for Risk Appetite Recovery
  • S&P 500 Futures Hint Dollar, Yen May Correct Lower into Week-End
  • US Bank Earnings, UofM Consumer Confidence Highlight Event Risk

The Australian and New Zealand Dollars outperformed in otherwise quiet overnight trade after second-quarter Chinese GDP figures printed broadly in line with expectations. Output grew at an annual pace of 7.6 percent, edging only slightly below economists’ median forecast of a 7.7 percent reading. The quarterly growth figure came in at 1.8 percent, a touch better than 1.6 percent expected.

On balance, the outcome appeared to have a net neutral impact on sentiment, offering no additional fodder to drive risk aversion. This opened the door for growth-geared assets and correlated currencies to stage a corrective recovery following yesterday’s blood-letting.

S&P 500 stock index futures are pointing higher in late Asian trade, arguing for more of the same ahead and hinting the safe-haven US Dollar and Japanese Yen may give back some of their recent gains into the week-end. The economic data docket is largely uneventful in European hours, with the preliminary estimate of July’s University of Michigan gauge of US Consumer Confidence closing out the week. Expectations call for a shallow uptick from the six-month low recorded in June.

Second-quarter earnings reports from JPMorgan and Wells Fargo may prove market-moving as traders look for evidence on the impact of Eurozone-linked jitters on market-wide financial conditions. Finally, Italy is due to sell bonds across 2015-2023 maturities after Moody’s downgraded the country’s credit rating once again overnight. Investors will keep an eye on average yield and bid-to-cover readings for signs of funding stress.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

2:00

CNY

Industrial Production YTD (YoY) (JUN)

10.5%

10.5%

10.7%

2:00

CNY

Industrial Production (YoY) (JUN)

9.5%

9.8%

9.6%

2:00

CNY

Fixed Assets Inv Excl. Rural YTD (YoY) (JUN)

20.4%

20.0%

20.1%

2:00

CNY

Retail Sales YTD (YoY) (JUN)

14.4%

14.3%

14.5%

2:00

CNY

Retail Sales (YoY) (JUN)

13.7%

13.4%

13.8%

2:00

CNY

Real GDP YTD (YoY) (2Q)

7.8%

7.9%

8.1%

2:00

CNY

Real GDP (QoQ) (2Q)

1.8%

1.6%

1.6% (R-)

2:00

CNY

Real GDP (YoY) (2Q)

7.6%

7.7%

8.1%

2:50

CNY

Business Climate Index (2Q)

126.9

-

127.3

2:50

CNY

Entrepreneur Confidence Index (2Q)

121.2

-

123

3:00

NZD

Non Resident Bond Holdings (JUN)

62.0%

-

61.7%

4:30

JPY

Capacity Utilization (MoM) (MAY F)

-2.2%

-

-0.6%

4:30

JPY

Industrial Production (MoM) (MAY F)

-3.4%

-

-3.1%

4:30

JPY

Industrial Production (YoY) (MAY F)

6.0%

-

6.2%

Euro Session: What to Expect

GMT

CCY

EVENT

EXP

PREV

IMPACT

7:15

CHF

Producer & Import Prices (MoM) (JUN)

-0.4%

-0.2%

Low

7:15

CHF

Producer & Import Prices (YoY) (JUN)

-2.2%

-2.3%

Low

8:00

EUR

Italian CPI (NIC incl. tobacco) (MoM) (JUN F)

0.2%

0.2%

Low

8:00

EUR

Italian CPI (NIC incl. tobacco) (YoY) (JUN F)

3.3%

3.3%

Low

8:00

EUR

Italian CPI - EU Harmonized (MoM) (JUN F)

0.2%

0.2%

Low

8:00

EUR

Italian CPI - EU Harmonized (YoY) (JUN F)

3.6%

3.6%

Low

9:00

EUR

Italy to Sell 2015-2023 Bonds

-

-

Medium

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2124

1.2246

GBPUSD

1.5323

1.5499

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

To contact Ilya, e-mail ispivak@dailyfx.com. Follow Ilya on Twitter at @IlyaSpivak

To be added to Ilya's e-mail distribution list, send a note with subject line "Distribution List" to ispivak@dailyfx.com

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

DISCLOSURES

News & Analysis at your fingertips.