FX News - April 16 2014: China GDP Lifts AUD

FX Strategy Articles > FX Trading Tips

A number of key data from China helped lift the AUD/USD pair in today’s Asian trading. The pair, which saw a sharp drop in yesterday’s European session, began today on a low note at 0.9343, before sliding further to 0.9332. However, it received a boost after China released several data, which included its GDP, Business Sentiment Indicator, Industrial Production, Retail Sales, and Urban Investment.

China’s QoQ GDP for Q1 came within expectations at 1.4% (previous period at 1.8%), while its 12-month GDP grew by 7.4%, which was slightly higher than the expected 7.3% (previous period at 7.7%). Meanwhile, the MNI Business Sentiment Indicator for March was at 51.1, higher than the previous month’s 50.2. Industrial Production in February was slightly lower at 8.8% versus the 9.0% expected. Retail Sales in February was slightly higher at 12.2% versus the expected 12.1% growth. Then finally, Urban Investment in February only came out at 17.6%, which was lower than the expected 18.1%.

The mostly positive news led to a higher AUD/USD pair, which peaked so far at 0.9369. It is currently trading at 0.9355, with initial resistance seen at 0.9394, followed by 0.9417. Meanwhile, initial support is at 0.9303, followed by 0.9280.

Then there’s the USD/JPY pair, which has climbed up steadily in today’s Asian session, mostly due to the positive performance of the Nikkei, which has gone up by 2.26% so far today. This brought the pair above the 102.00 level. The pair opened the session at 101.88, before climbing up to its present level at 102.22. Initial resistance for the pair is at 102.22, followed by 102.48. Meanwhile, initial support is at 101.71, followed by 101.45.

By FX Strategy Team, Published on 16th of April 2014
eTorro - Trading Starts Here

Start Trading Forex with up to $10,000

  • 100s Videos and FX Strategy articles
  • Advice from our FX traders
  • Practive free with using real time