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Forex: AUD/USD hammered on China CPI

FXstreet.com (Barcelona) - Following a possible leak in the China CPI figure, coincident with Gold crashing below the $1450 mark, down -7.7% in last 2 trading days, AUD/USD is also being hammered last at fresh session lows 1.0462, on the back of weaker than expected China CPI data, at +7.7% vs +8% year on year.

All local share markets trade in the red, with Oil also printing fresh session and 1-month lows, as inflation fears are diminishing and global economic slow down might come next. So far AUD/USD is down -0.44% for the session, with Gold now below the $1430 mark, fresh 2-year lows.

Immediate support to the downside for AUD/USD lies at recent fresh session lows and March 05 highs 1.0438, followed by Dec 03 lows/200 SMA at 1.0394/88, and April 08 lows at 1.0346. To the upside, closest resistance shows at Friday's lows 1.0480, followed by recent session highs at 1.0523, and Friday's highs at 1.0562.

China GDP Q1 misses expectations

China Q1 real GDP missed expectations by 0.3 bp, printng +7.7% (YoY) versus 7.9% in 4Q, and below expectations of 8.0%. Retail sales improved marginally (+12.4% on a yearly basis vs +12.6% expected), while industrial production stood at +8.9% v est +10.0%.
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Forex: AUD/NZD trading sharply higher, up 78 pips at 1.2304

The AUD/NZD is up 81 pips at 1.2304 last, sitting just below key resistance at 1.2305 (the 9 DMA). The pair immediately caught a bid after China GDP was released at 2:00GMT. The print came in at 7.7% (just shy of the 8.0% forecast). Risk assets are trading lower across the board, with commodities seeing the most downside thus far.
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