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Session Recap: USD unchanged with Tokyo closed; China GDP in line at 7.5%

FXstreet.com (Barcelona) - Flat session for most of the major pairs while Tokyo markets have remained closed over holiday, ahead of later on US retail sales data, with Aussie as the only one pair moving a bit against USD.

EUR/USD is last at 1.3070, AUD/USD at 0.9093, USD/JPY at 90.25, and GBP/USD at 1.5120. Local share markets show small gains overall, with Shanghai Composite being the big winner up +1.45%, following China 2Q GDP caming in y/y at 7.5%.

Gold and Silver moved slightly to the upside in early trade to last retrace at $1289 and $20.04 respectively, while Oil gapped lower at the open, but has pared all loses ever since. Australia posted best m/m new motor vehicle sales data since Oct last year at +4% vs +0.3% previous.

Main headlines in the Asian Session:

Hollande says economic recovery has begun

Xinhua corrects China Finmin’s growth target comment

Leaked texts prove Spanish PM linked to party's corruption

A look at the late week Federal Reserve communication confusion

Portugal’s Parties Set July 21 Deadline For Commitment Pact

China govt advisor warns China faces unprecedented debt crisis

Australia weekend press: Banks vulnerable to housing collapse

EUR/USD: Decent orders either side of 1.30/1.31

Bank of Canada could surprise financial markets this week by signalling an extended period of ultra-low interest rates

Australia New Motor Vehicle Sales (YoY) increase to 7.1% in June from 0.2%

China GDP Q2 comes at 7.5%, AUD buoyed

Flash: AUD/USD exposed to 0.80/0.85 fall - RBS

The trend under-performance of the AUD/USDexchange rate is likely to persist, notes Greg Gibbs, FX Strategist at RBS, although admitting that "the recent momentum in Chinese market indicators; including commodity prices and equities have firmed in recent weeks, which may lead to a more stable AUD above 90 for the time being."
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Flash; NZD/USD, CPI key event risk - NAB

As the NZD/USD extends its 1-month consolidation following sharp losses in May and June, the NAB FX Strategy Team remains of the view that "additional steep falls are unlikely, with the currency more likely to spend the remainder of the year in a sideways range" the Strategist at the Bank note.
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