China's Q3 GDP in line with estimates at 7.4%; Q3 print slightly better-than-expected
Chinese Real GDP for 3Q came as expected, printing 7.4% y/y growth - previously 7.6% y/y , hich had been the lowest reading since March 09. The Q3 seasonally adjusted number, however, came above expectations at 2.2% vs 1.8% consensus. While China's economy slows, data can be perceived as slightly better-than-expected, with QoQ numbers strengthening above cooling calls. Adds to signs China economy is bottoming. Ind Production came upbeat at 9.2% vs 9.0% exp, Fixed Investment better stood at 20.5% vs 20.2% expected, while retail sales were much better at 14.2 vs 13.2%.
Chinese Premier Wen noted that China's Q3 economic situation was 'relatively good' and that economic growth was stabilising. A better than expect GDP print will be positive for risk appetite, particularly given how far Chinese growth expectations have fallen over recent months. AUD, NZD and Asian currencies would push through recent highs on such an outcome.
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UPCOMING EVENTS :
2012-10-18 08:30 GMT | United Kingdom. Retail Sales
2012-10-18 12:30 GMT | United States. Unemployment Claims
2012-10-18 14:00 GMT | United States. Philadelphia Fed Manufacturing Survey
2012-10-18 | Spanish 10-y Bond Auction
FOREX NEWS :
2012-10-18 04:39 | GMT EUR/AUD dip stalls at 1.26 as Asia turns ‘risk on’
2012-10-18 01:38 | GMT AUD/JPY staying bid above 82.00
2012-10-18 00:36 | GMT EUR/JPY consolidates at 4-wk highs
2012-10-17 23:14 | GMT USD/JPY surges above 79.00
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EURUSD : 1.30964 / 1.30969
DAILY WEEKLY MONTHLY
1.3199 | 1.3163 | 1.3125
1.3064 | 1.3027 | 1.2992
SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC : Oversold
MARKET ANALYSIS - Intraday Analysis
Technical Summary: The pull back from yesterday’s high might be considered as price retracement from major uptrend formation. Pair is quoting roughly -0.17 % below its opening price and our short term outlook is negative today. Main scenario: Current downside formation is limited by next support level at 1.3064 (S1). Break here is required for further depreciation towards to our targets at 1.3027 (S2) and 1.2992 (S3) in potential. Alternative scenario: We see potential for further appreciation towards to next targets at 1.3163 (R2) and 1.3199 (R3) if it manage to overcome our next resistance level at 1.3125 (R1).
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GBPUSD : 1.61294 / 1.61303
DAILY WEEKLY MONTHLY
1.6172 | 1.6157 | 1.6142
1.6114 | 1.6099 | 1.6083
SUMMARY : Down
TREND : Downward penetration
MA10 : Bearish
MA20 : Bearish
STOCHASTIC: Neutral
MARKET ANALYSIS - Intraday Analysis
Technical Summary: GBPUSD tested negative side today and we are not expecting major changes in current tendency. Not many macroeconomic data releases expected today however UK Retail Sales announcement at 08:30 GMT might bring additional volatility. Main scenario: Next support could be found at 1.6114 (S1), clearance here is required to attack lower targets at 1.6099 (S2) and 1.6083 (S3). Alternative scenario: If the pair can breach our next resistance at 1.6142 (R1), we suggest next target at 1.6157 (R2) and any further rise would then be limited by last resistance at 1.6172 (R3) intraday.
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USDJPY : 79.161 / 79.164
DAILY WEEKLY MONTHLY
79.43 | 79.32 | 79.20
79.08 | 78.97 | 78.86
SUMMARY : Up
TREND : Up trend
MA10 : Bullish
MA20 : Bullish
STOCHASTIC : Neutral
MARKET ANALYSIS - Intraday Analysis
Technical Summary: The pair is under the bullish pressure, as both of our Moving Averages are aggressive towards the price trading above it. Fresh high, formed today is our next reference point for further market appreciation. Main scenario: Key resistance is seen at 79.20 (R1). Clearance here would suggest next targets at 79.32 (R2) and 79.43 (R3). Alternative scenario: The downside trend evolvement is limited by next support level at 79.08 (S1), break here might lead to the targets execution at 78.97 (S2) and 78.86 (S3).
Source: FX Central Clearing Ltd,( Forex Trading Course | Forex Trading Blog | ECN Forex Trading Training | FXCC )