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November 19, 2019
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Forex

Australian Dollar Firm After China GDP Miss But Trend Aims Lower

CHINA, GDP, TRADE WAR, AUSTRALIAN DOLLAR – TALKING POINTS:

  • 3Q Chinese GDP registers narrowly worse than anticipated at 6.zero% y/y
  • Industrial manufacturing information, US commerce talks could have offset the headline
  • Australian Dollar little-changed however total pattern nonetheless pointing decrease

Where will markets finish 2019? See our This autumn forecasts for currencies, commodities and inventory indexes!

The Australian Dollar discovered little of curiosity in mildly disappointing Chinese GDP information. The figures put the on-year progress price at 6 p.c, a hair decrease than the 6.1 p.c anticipated by economists. Nevertheless, this marks the slowest tempo of enlargement in at the least 27 years.

Upbeat industrial manufacturing readings might need helped offset a soggy headline determine. The price of on-year progress 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 nicely.

The report’s restricted implications for bigger macro themes dominating buyers’ consideration could likewise clarify the tepid response. Extrapolating a view on future Chinese progress appears almost unattainable with out better readability on commerce negotiations with the US, making right this moment’s launch seem considerably moot.

1-minute AUD/USD chart created with TradingView

Assessing the broader panorama, uneven AUD/USD consolidation since early August leaves firmly intact a well-defined downtrend established from late December 2018. Prevailing financial coverage developments counsel it’s more likely to proceed, with longer-term charts setting the stage for deep losses within the months forward.

Australian Dollar Firm After China GDP Miss But Trend Aims Lower

Daily AUD/USD chart created with TradingView

AUD/USD TRADING RESOURCES

— Written by Ilya Spivak, Currency Strategist for DailyFX.com

To contact Ilya, use the feedback part beneath or @IlyaSpivak on Twitter

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