Strong Chinese growth data - EBC Daily Snapshot
2023-10-18
Summary:
Better-than-expected Chinese growth data on Wednesday pushed the Australian dollar a little higher, driving putting a dampener on the US dollar.
EBC Forex Snapshot
18 Oct 2023
Better-than-expected Chinese growth data on Wednesday pushed the Australian dollar a little higher, driving putting a dampener on the US dollar.
China’s GDP grew 1.3% in the third quarter, accelerating from 0.5% in the previous quarter and topping market forecasts for an increase of 1%.
Sterling made slim gains after data showed UK inflation held steady in September. UK consumer price inflation remained at an 18-month low though above expectations for a retreat.
The BOE is expected to leave interest rates at 5.25% in early November. It kept them on hold in September, following an unexpected drop in the August inflation rate.
| Citi (as of 9 Oct) | HSBC (as of 18 Oct) | |||
| support | resistance | support | resistance | |
| EUR/USD | 1.0443 | 1.0834 | 1.0468 | 1.066 |
| GBP/USD | 1.2011 | 1.2308 | 1.2030 | 1.2332 |
| USD/CHF | 0.8745 | 0.9338 | 0.8909 | 0.9168 |
| AUD/USD | 0.6272 | 0.6522 | 0.6264 | 0.6482 |
| USD/CAD | 1.3417 | 1.3805 | 1.3448 | 1.3818 |
| USD/JPY | 146.00 | 150.16 | 148.06 | 150.85 |
The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains unchanged.
Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.
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