Chinese data supports risk as the EU summit begins

<p>Risk performed reasonably well overnight the Nikkei (+1.8%), ASX200 (+0.9%) and Shanghai Composite (+1.1%) all higher after the Chinese GDP data came in exactly in […]</p>

Risk performed reasonably well overnight the Nikkei (+1.8%), ASX200 (+0.9%) and Shanghai Composite (+1.1%) all higher after the Chinese GDP data came in exactly in line with the market consensus, with the official Q3 number printed at 7.4%.

The consensus view seems to be a Spanish bailout is 80% priced in to the current euro price with some major resistance levels very much upon us in the single currency as the EU summit is likely to dominate the headlines for the rest of this week. Today, we also have Spanish trade data, Spanish house prices, Swiss trade balance, Swedish unemployment & UK retail sales. In the US, we get initial jobless claims, Philly Fed manufacturing survey & Conference Board leading index.

 


EUR/USD

Supports 1.3080-1.3050-1.3000 | Resistance 1.3135-1.3175-1.3250


USD/JPY

Supports 78.90-78.50-78.15 | Resistance 79.25-79.40-79.80


GBP/USD

Supports 1.6115-1.6080-1.6025 | Resistance 1.6180-1.6220-1.6270

 

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