Aussie dollar up on Chinese data

16 July, 2019

The Australian dollar remains firmly above the US70c mark in today’s trading session after a strong round of data out of China alleviated fears on the health of the world’s 2nd largest economy.

China’s industrial out  jumped from a  17-year low compared to the previous month. Consumer confidence is on the rise again after retail sales surged 9.8% in the month of June against analysts expectations for a figure of 8.3 percent.

China is Australia’s biggest trading partner so any good news is likely to have a positive affect on the Aussie dollar.

“China’s economy is finding a base and it was not as weak as feared, so risky currencies go up,” said Imre Speizer head of NZ strategy at Westpac Banking Corporation.

Ray Attrill, head of forex strategy at National Australia Bank in Sydney, said thesolid figures, which comes on the back of strong credit data on Friday, showed China’s stimulus program is beginning to filter into the system and move the Chinese economy along.

“There are signs it is starting to work, Whether you’re building a railway between two cities in China or whether you’re building stuff to sell to the U.S. it seems to need a lot of steel... it is still a good news story for Australia, that’s certainly the way that the market has chosen to interpret the numbers.” Mr Attrill said.


Source link  
Gold down but rally not over

As the year closes out, gold is expected to receive a significant boost according to some analysts on the back of a weaker US economy which may...

Impeachment talk boosts gold

The gold price hit is highest level in 3 weeks yesterday after calls for the impeachment of US President Donald Trump left financial markets...

Oil to hit $75

The oil price surged as high as 20 percent is yeaterday’s trading session after an attack on Saudi Arabia’s biggest oil field removed more than 5 million...


Gold headed for $1600

The gold price remains steady today after turning back from what was beginning to look like a solid rally yesterday after words by US President...

Euro awaits Jackson hole

Despite all the pressure facing the European economy the Euro has managed to remain above the $1.10 level, but it seems the market is predicting...

Gold's next target is $1600

The gold price has taken a breather over the last few days after rallying more than $100 dollars in the space of 2 weeks and some...


Gold rally not over

The gold price remains firmly above the US $1500 dollar mark in today's trading session as traders seek out the precious metal as a safe haven on the back of political...

Gold poised to hit $1500

Gold continues to surge in today's trading session, following on from last weeks solid gains as investors seek out safe havens against the...

Pound may hit $1.37 by years end

The British pound is expected to face increased volatility over the coming months as the deadline approaches for the UK to leave the EU at the end...

  


Share it on:   or