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Aussie Rebound Continues On China Production Data

ByActionForex
Published 08/09/2013, 10:10 AM
Updated 03/09/2019, 08:30 AM
FTNMX551030
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Australian dollar extends this week's rebound after stronger than expected production data from China. Industrial production rose 9.7% yoy in July versus consensus of 8.8% yoy. Retail sales was slightly below expectation but rose a respectable 13.2% yoy. CPI was unchanged at 2.7% yoy in July which PPI dropped -2.3% yoy. RBA said in its quarterly monetary policy statement that the "forecast for Australian GDP continues to embody a transition in the drivers of growth from mining investment to other parts of domestic demand, and to exports". And, there are "considerable uncertainty" on how the transition will proceed. RBA lowered GDP projection to 2.25% in this calendar year, down from prior forecast of 2.5%. CPI is projected to rise 2.25% in the year to June 2014. Aussie continues to have little reactions to domestic news by responded positively to Chinese data.

In US, Dallas Fed Fisher said yesterday that "if things go as the committee expected, then I would expect us to dial back" the stimulus program. And, Fed will watch "the data and the feeling is between now and the time we next meet in September." To be more specific,, Fisher said Fed could scale back the asset purchase when unemployment rate begins to near 7%. Meanwhile, Fed will not consider raising interest rates until unemployment rate drops below 6.5%.

In Japan, Tertiary industry index rose -0.3% mom in June. Consumer confidence dropped to 43.6 in July. Looking ahead, UK will release trade balance. Canada will release housing starts and employment data. US will release wholesale inventories.

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