Strong Chinese growth data - EBC Daily Snapshot

2023-10-18

Summary:

Better-than-expected Chinese growth data on Wednesday pushed the Australian dollar a little higher, driving putting a dampener on the US dollar.

EBC Forex Snapshot

18 Oct 2023

Better-than-expected Chinese growth data on Wednesday pushed the Australian dollar a little higher, driving putting a dampener on the US dollar.

China’s GDP grew 1.3% in the third quarter, accelerating from 0.5% in the previous quarter and topping market forecasts for an increase of 1%.

CPIH ANNUAL RATE

Sterling made slim gains after data showed UK inflation held steady in September. UK consumer price inflation remained at an 18-month low though above expectations for a retreat.

GBPUSD

The BOE is expected to leave interest rates at 5.25% in early November. It kept them on hold in September, following an unexpected drop in the August Inflation rate.

Citibank vs. HSBC Currency Pair Data Comparison
	Citi (as of 9 Oct)		HSBC (as of 18 Oct)
	support	resistance	support	resistance
EUR/USD	1.0443	1.0834	1.0468	1.066
GBP/USD	1.2011	1.2308	1.2030	1.2332
USD/CHF	0.8745	0.9338	0.8909	0.9168
AUD/USD	0.6272	0.6522	0.6264	0.6482
USD/CAD	1.3417	1.3805	1.3448	1.3818
USD/JPY	146.00	150.16	148.06	150.85

The green numbers in the table indicate an increase in data, the red numbers indicate a decrease in data, and the black numbers indicate that the data remains unchanged.

Disclaimer: This material is for general information purposes only and is not intended as (and should not be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by EBC or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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