Chinese GDP is in line: AUD/USD Flat - Forex News by FX Leaders
Chinese GDP is Weak

Chinese GDP is in line: AUD/USD Flat

Posted Monday, January 21, 2019 by
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.

 

Aussie Outlook

The AUD/USD is still holding below the major level at 0.7200 and this news hasn’t done all that much.

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.

AUD/USD
AUD/USD – 240min.
Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies

About the author

Rowan Crosby // Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
Related Articles
Comments

Leave a Reply

avatar
  Subscribe  
Notify of