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
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
Bullish
USD/JPY
Mixed
More View more
Real Time News
  • Another week of record breaking gains in the alt-coin space, while Ethereum (ETH) continues to print fresh highs and eats into Bitcoin’s (BTC) market dominance. Get your market update from @nickcawley1 here: https://t.co/robpKfDf8U https://t.co/3sOzL01rcI
  • The non-farm payroll (NFP) figure is a key economic indicator for the United States economy. It is also referred to as the monthly market mover. Find out why it has been given this nickname here: https://t.co/yOUVEEqhc5 https://t.co/K1F3QlB8ik
  • Knowing how to accurately value a stock enables traders to identify and take advantage of opportunities in the stock market. Find out the difference between a stock's market and intrinsic value, and the importance of the two here: https://t.co/QszmdZFxlk https://t.co/cXImPrjl8x
  • Crude Oil Forecast: Oil Prices Edge Lower Toward Trend Support -via @DailyFX WTI #CrudeOil closed the week slightly higher on balance, but the commodity is struggling at resistance as bears look to challenge trend support. Link to Full Analysis: https://www.dailyfx.com/forex/technical/article/fx_technical_weekly/2021/05/08/crude-oil-forecast-oil-prices-edge-lower-toward-trend-support.html #OOTT https://t.co/MvtP36QxY8
  • GDP (Gross Domestic Product) economic data is deemed highly significant in the forex market. GDP figures are used as an indicator by fundamentalists to gauge the overall health and potential growth of a country. Learn use GDP data to your advantage here: https://t.co/Yl9vM7kO6a https://t.co/3f5sLijsVB
  • The Federal Reserve System (the Fed) was founded in 1913 by the United States Congress. The Fed’s actions and policies have a major impact on currency value, affecting many trades involving the US Dollar. Learn more about the Fed here: https://t.co/ADSC4sIHrP https://t.co/PO93mIKAZP
  • Technical analysis of charts aims to identify patterns and market trends by utilizing differing forms of technical chart types and other chart functions. Learn about the top three technical analysis tools here: https://t.co/KDjIjLdTSk https://t.co/CHE6IOq3K5
  • The ISM manufacturing index plays an important role in forex trading, with ISM data influencing currency prices globally. Learn about the importance of the ISM manufacturing index here: https://t.co/Xr3xtoFpZy https://t.co/Agl1q6EQyu
  • Take a closer look visually at the most influential global importers and exporters here: https://t.co/G58J1dg6y3 https://t.co/UmubxiDXGc
  • Trading bias allows traders to make informative decisions when dealing in the market. This relates to both novice and experienced traders alike. Start learning how you may be able to make more informed decisions here: https://t.co/rz7fqhRoMG https://t.co/e4G1gTGhex
Australian Dollar Steady As Chinese GDP Hits Forecasts Exactly

Australian Dollar Steady As Chinese GDP Hits Forecasts Exactly

David Cottle, Analyst

Talking Points:

  • China’s GDP rose by 6.8% in the third quarter, exactly as expected
  • Retail sales and industrial production both scraped above forecast levels
  • However, AUD/USD didn’t have much more to give

Trade the major economic data live and interactive at the DailyFX Webinars. We’d love to have you along.

The Australian Dollar was steady Thursday following the release of as-expected Chinese growth data.

Third quarter Gross Domestic Product rose by 1.7% on the quarter, for a rise of 6.8% on the year. Both of these were in line with analysts’ forecasts. The data spoke to a Chinese economy chugging along nicely and perhaps more sustainably than it was in the years of more fast-paced growth.

Retail sales data released simultaneously showed robust demand. Sales’ 10.3% annualized gain was a tick above the 10.2% forecast. Industrial production rose 6.6%, again a tick above expectations, with fixed asset investment growth just a shade weaker at 7.7%. The data was released as China’s ruling Communist Party held its five-yearly Congress in Beijing. Official commentary coming from that direction so far has probably been as friendly to markets and businesses as could reasonably have been hoped.

The Australian Dollar already had a boost from its own employment figures and didn’t rise much further on the Chinese data. The currency can act as a liquid China proxy thanks to Australia’s huge raw material exports to the world’s second largest economy. However, for the moment domestic matters seem to have precedence as Aussie drivers.

Australian Dollar Steady As Chinese GDP Hits Forecasts Exactly

Still, a robust Chinese economy will likely be part of a supportive backdrop for the Australian currency. Strong Australian economic numbers already have the markets convinced that when the next interest rate move comes along, it will be a rise, albeit well into 2018.

However, the Reserve Bank of Australia is not keen to see the currency gain at this point. The minutes of its last monetary policy meeting worried about currency strength and its effects on both inflation and growth. The RBA is also worried about consumer debt levels and the likely effect of higher interest rates on consumption.

On its broader daily chart, AUD/USD remains stuck in a downtrend from 2017’s peaks, although it is testing the upper boundary of that trend. A weekly close above the line will be clearly bullish and may suggest that the pair is building a base for another attempt at those peaks.

Australian Dollar Steady As Chinese GDP Hits Forecasts Exactly

--- 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