CHINA, GDP, TRADE WAR, AUSTRALIAN DOLLAR - TALKING POINTS:3Q Chinese language GDP registers narrowly wor
CHINA, GDP, TRADE WAR, AUSTRALIAN DOLLAR – TALKING POINTS:
- 3Q Chinese language GDP registers narrowly worse than anticipated at 6.0% y/y
- Industrial manufacturing knowledge, US commerce talks could have offset the headline
- Australian Dollar little-changed however general development nonetheless pointing decrease
The place will markets finish 2019? See our Q4 forecasts for currencies, commodities and stock indexes!
The Australian Greenback discovered little of curiosity in mildly disappointing Chinese language GDP knowledge. The figures put the on-year development fee at 6 p.c, a hair decrease than the 6.1 p.c anticipated by economists. Nonetheless, this marks the slowest tempo of growth in a minimum of 27 years.
Upbeat industrial manufacturing readings may need helped offset a soggy headline determine. The speed of on-year development unexpectedly jumped to a three-month excessive of 5.eight p.c. Early indicators of stabilization in retail gross sales figures could have helped as properly.
The report’s restricted implications for bigger macro themes dominating traders’ consideration could likewise clarify the tepid response. Extrapolating a view on future Chinese language development appears almost unattainable with out better readability on commerce negotiations with the US, making at this time’s launch seem considerably moot.
1-minute AUD/USD chart created with TradingView
Assessing the broader panorama, uneven AUD/USD consolidation since…