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NZ service sector and Chinese GDP paint rosy picture - TDS

FXStreet (Delhi) – Prashant Newnaha, Rates Strategist at TD Securities, notes that the release of NZD service sector data and Chinese GDP numbers has given markets something to cheer about as both the data pointed to strong figures.

Key Quotes

“NZD: The service sector is on fire with the PSI for Sep at 59.3 the highest since Nov 07 with activity/sales subcomponent iclose to record levels and new orders/business subcomponent well above 60. Respondents cited new products/markets, increased demand and seasonal factors. Together with the firmer PMI last week, the outlook is less bleak than headlines suggest as we expect a pause on Oct 29.”

“CNY: Q3 GDP came in at 6.9%/yr from 7%/yr in Q2, beating street forecasts for a 6.8%/yr print and some gloomy prediction of numbers closer to 6.4/6.5% on the year. Given the mild decline, it suggests conditions were relatively stable and with strong credit growth, RRR cuts likely and stronger fiscal spending, downside risks should be contained over the following quarters.”

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