Chinese GDP is in line: AUD/USD Flat
Rowan Crosby • 1 min read
Chinese GDP has come out and is in line with expectations at 6.4%.
There had been a fair bit of speculation that we were looking at a far weaker number potentially, given the battles that the country has faced in recent times.
We’ve had a steadily decreasing GDP figure already and that is now coupled with the ongoing US-China trade war.
Over the weekend the US had suggested that things were coming along OK on the trade deal front. So that and the in line measure of GDP, but even be a positive in the short-term.
There are also reports out today suggesting that the RBA is now at a 50% chance of cutting rates in December, suggesting the state of the economy certainly isn’t as great as some are suggesting.
The key support below is 0.7050 and then 0.7000.
0.7300 is R2 and the most recent highs sitting at 0.7400.