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
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
Wall Street
Bullish
Gold
Mixed
GBP/USD
Bullish
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
USD/JPY
Mixed
More View more
Real Time News
  • The US Dollar is still struggling against most ASEAN currencies. USD/SGD remains downside-focused despite recent gains. USD/THB is eyeing a triangle. USD/IDR and USD/PHP may point lower. Get your market update from @ddubrovskyFX here:https://t.co/6Nvvmz8h6d https://t.co/TYsfOXHrro
  • (Weekly Fundamental) Australian Dollar Outlook: AUD/USD May Rise on Dovish Fed Speak After Huge NFP Miss #AUD $AUDUSD https://www.dailyfx.com/forex/fundamental/forecast/weekly/aud/2021/05/07/Australian-Dollar-Outlook-AUDUSD-May-Rise-on-Dovish-Fed-Speak-After-Huge-NFP-Miss.html?CHID=9&QPID=917702&utm_source=Twitter&utm_medium=Dubrovsky&utm_campaign=twr https://t.co/L9pERwjTqh
  • Bitcoin is struggling to extend April’s bounce while Ethereum and Litecoin are exhibiting signs of momentum exhaustion. What are key technical levels to watch for ahead? Find out from @ddubrovskyFX here:https://t.co/PnZId4xOh2 https://t.co/ZTYoxdBxLl
  • The Indian Rupee has been rising despite a surge in local Covid cases, owing to rising yields amid a temporary flood of US Dollars into the banking system. INR remains at risk, eyeing CPI data. Get your market update from @ddubrovskyFX here:https://t.co/6r7hahVtx4 https://t.co/a0z46Q0Mn4
  • Risk management is one of the most important aspects of successful trading, but is often overlooked. What are some basic principles or risk management? Find out from @PaulRobinsonFX here: https://t.co/IsnpfJhp91 https://t.co/tnF1RME8gJ
  • Top event risk on my radar for the week ahead: Musk on SNL (Sat); run of Fed speak with Brainard, Williams, Bostic (Tues); US CPI and UK GDP (Wed); Mexico central bank rate decision (Thur); US earnings - PLTR, BABA, ABNB, DASH, DIS (Tues-Thur). What are you watching?
  • It starts. This man is living the life. https://t.co/YhD4oMNAFG
  • Forex Update: As of 20:00, these are your best and worst performers based on the London trading schedule: 🇪🇺EUR: 0.82% 🇦🇺AUD: 0.77% 🇨🇭CHF: 0.75% 🇳🇿NZD: 0.62% 🇯🇵JPY: 0.46% 🇨🇦CAD: 0.23% View the performance of all markets via https://www.dailyfx.com/forex-rates#currencies https://t.co/j5I6Gut0CR
  • Commodities Update: As of 20:00, these are your best and worst performers based on the London trading schedule: Gold: 0.85% Silver: 0.53% Oil - US Crude: -0.18% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/wZsuyfwuv1
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Silver are long at 88.33%, while traders in Wall Street are at opposite extremes with 77.43%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/IrlL0LEJe3
China 2017 Growth Target Around 6.5%- Li Keqiang

China 2017 Growth Target Around 6.5%- Li Keqiang

David Cottle, Analyst

Talking Points

  • The Chinese Premier did as markets thought he would and said Beijing was aiming for growth of “around 6.5%” this year
  • This is even lower than the 6.7% notched up in 2016, but China needs time to reform, cut debt
  • Consumer price, deficit targets were also as expected

Premier Li Keqiang told the National People’s Congress in Beijing on Sunday that the government will target slower economic growth this year.

Gross Domestic Product rose by 6.7% in 2016, according to official figures. That was the smallest rise since 1990. However, Beijing will tolerate a slightly lower rate still in 2017 as it seeks to reform the economy and deal with a huge debt build-up. The administration is now aiming at growth of ‘around 6.5%’ this year Premier Li Keqiang said.

The Chinese government used substantial stimulus to keep the economy motoring at even last year’s relatively modest pace. Infrastructure investment soared, as did bank lending, despite repeated warnings about the country’s massive corporate debts. Li reportedly said that China will now take further steps to ensure financial-sector safety, including higher vigilance of the shadow-banking sector.

The government also unveiled plans aimed at ensuring every family has at least one wage-earner, even as jobs are cut in China’s traditional state-owned heavy industries. Beijing reportedly believes that 11 million new city-based jobs will be created in 2017, but that won’t be enough to employ the 15 million new workers whom the government believes will enter the labor market.

China will also target an annualized consumer price index rise of “around 3%” this year, while its budget-deficit target is 3% of GDP. All these benchmarks were broadly as expected by investors, and a Sunday-torpid foreign exchange market didn’t react much to Li’s words. Of course, it may mull them over anew when trading desks are more fully staffed on Monday.

The Australian Dollar is often the markets’ favorite liquid China proxy, but didn’t move far on this occasion. AUD/USD was steady around 0.75942 as Li spoke and afterward.

Sunday stuck: AUD/USD

https://www.tradingview.com/x/VkUjI7IL/

Chart compiled using TradingView

Away from economics, Li also said that China would continue to resolutely oppose and contain independence activities in Hong Kong and Taiwan.

Want to know more about financial market trading? Check out the DailyFX webinars

--- Written by David Cottle, DailyFX Research

Contact and follow David on Twitter:@DavidCottleFX

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

DISCLOSURES