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%.

CPIH ANNUAL RATE

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.

GBPUSD

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.

Citibank vs. HSBC Currency Pair Data Comparison

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.


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