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Forex News: Antipodean Currencies Rise After China GDP Data

Antipodean Currencies Rise After China GDP Data

01/20/2017 - 01:07:00 (RTTNews)

(RTTNews) - Antipodean currencies such as the Australian and the New Zealand dollars strengthened against their major counterparts in the Asian session on Friday, after data showed that China's gross domestic product expanded more than expected on year in the fourth quarter of 2016.

Data from the National Bureau of Statistics showed that China's gross domestic product expanded 6.8 percent on year in the fourth quarter of 2016. That beat forecasts for 6.7 percent from the three months prior. On a quarterly basis, GDP was up 1.7 percent - in line with expectations and down from 1.8 percent in Q3.

The bureau also said that industrial production gained 6.0 percent on year in December, missing forecasts for 6.1 percent and down from 6.2 percent in November.

Retail sales jumped an annual 10.9 percent in December, beating forecasts 10.7 percent and up from 10.8 percent in the previous month.

Fixed asset investment advanced 8.1 percent on year, missing expectations for 8.3 percent.

Meanwhile, crude delivery for March is currently up by 0.17 percent or $52.29 per barrel. The crude oil prices edged higher after several members of the Organization of Petroleum Exporting Countries said they have already made their pledged supply reductions.

In other economic news, data from the Housing Industry Association showed that New home sales in Australia grew a seasonally adjusted 6.1 percent month-over-month in November, reversing a 8.5 percent decline in October.

Thursday, the Australian and the New Zealand dollars showed mixed trading against their major rivals. While the aussie and the kiwi rose against the yen and the euro, they fell against the U.S. dollar.

In the Asian trading, the Australian dollar rose to nearly a 2-1/2-month high of 0.7588 against the U.S. dollar and nearly a 2-month high of 1.0083 against the Canadian dollar, from yesterday's closing quotes of 0.7558 and 1.0066, respectively. If the aussie extends its uptrend, it is likely to find resistance around 0.78 against the greenback and 1.03 against the loonie.

Against the euro and the yen, the aussie advanced to 1.4075 and 87.05 from yesterday's closing quotes of 1.4097 and 86.82, respectively. The aussie may test resistance around 1.38 against the euro and 88.00 against the yen.

The NZ dollar rose to 5-week highs of 0.7225 against the U.S. dollar and 82.86 against the yen, from yesterday's closing quotes of 0.7189 and 82.56, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 0.74 against the greenback, and 84.00 against the yen.

Against the euro, the kiwi advanced to 1.4779 from yesterday's closing value of 1.4829. On the upside, 1.46 is seen as the next resistance level for the kiwi.

The kiwi climbed to a 2-day high of 1.0495 against the Australian dollar, from yesterday's closing value of 1.0512. The kiwi is likely to find resistance around the 1.03 region.

Looking ahead, the German PPI for December is due to be released in the pre-European session at 2:00 am ET.

U.K. retail sales data for December is slated for release later in the day.

In the New York session, Canada CPI data for December, retail sales data for November and U.S. Baker Hughes rig count data are set to be published.

At 9:00 am ET, Federal Reserve Bank of Philadelphia President Patrick Harker is expected to speak about the economic outlook, in New Jersey.

Later in the day, US President-Elect Donald Trump is expected to speak at the 58th Presidential Inauguration, in Washington DC.

For comments and feedback: contact editorial@rttnews.com

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