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Australian Dollar Little Changed After Chinese Industrial Profits Fall

Australian Dollar Little Changed After Chinese Industrial Profits Fall

Talking Points:

  • Chinese Industrial Profits decline 0.1 percent y/y in September
  • Australian Dollar little-changed after data crosses the wires
  • Australian CPI, Fed rate decision, China’s 5th plenum ahead

Macroeconomic events affect currency valuations. Stay updated with major releases on our calendar

The Australian Dollar showed a limited response after China’s September Industrial Profits crossed the wires. The figure showed that earnings fell 0.1 percent (YoY) marking a fourth consecutive reading below zero for this barometer. However, September’s number was the best reading in four months.

Looking ahead, this week offers a handful of potentially volatile events for the Aussie considering RBA’s data dependent monetary policy stance. For starters, Australia will release its third quarter CPI figures early Wednesday. Currency Strategist Ilya Spivak noted that a firmer reading could nudge the currency upward. Later that day, the spotlight will turn to theFOMC policy announcement, a potentially major inflection point for risk appetite and thereby for the sentiment-sensitive Australian unit. Finally, the outcome of China’s fifth plenum will likely be released on October 29th. The government’s projection for economic growth might have a domino impact on the AUDUSD as China is Australia’stop trading partner.

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