China GDP better but at its slowest
City Index October 21, 2014 2:18 PM
<p>The China GDP out last night was the main talking point for today as it was better than the expected 7.2%. The release showed a […]</p>
The China GDP out last night was the main talking point for today as it was better than the expected 7.2%. The release showed a small increase to 7.3% but still shows a slowing down of the Chinese economy and more stimulus could be on the way. This has kept the risk on trade going with Asian currencies pushing higher.
The RBA didn’t cause too much pain against the Aussie dollar, with the main points about concerns on global growth and that they will keep interest rates low.
The euro is having a positive start to trading, currently at 1.2830, helped along with the ECB buying covered bonds. With no data set to be released today, it will be in the hands of the momentum swings.
The GBP not as active as the euro around flat for the day so far, with PSNB to be release later this morning expected at 9.3 billion a drop from 10.9 billion; should be a good day for the pound if correct.
Supports 1.2730 1.2700 1.2625 | Resistance 1.2840 1.2885 1.2900
Supports 106.10 105.50 105.15 | Resistance 106.75 107.00 107.40
Supports 1.6135 1.6080 1.6025 | Resistance 1.6180 1.6230 1.6250
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