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15 Apr 2013

Forex Flash: China GDP hints downside risks for the economy - RBS

FXstreet.com (Barcelona) - According to RBS, the China GDP numbers "seem quite disappointing in light of the very rapid loan growth reported last year" says Greg Gibbs, strategist at the bank.

China, in view of Greg, "has proved sluggish to start the year and this suggests that the Chinese economy is less dynamic and reaching speed limits", adding that "with the government moving towards containing loan growth and control property speculation it suggests there are significant downside risks for the Chinese economy."

"The weakness in Chinese data may discourage the strong flow of capital into China, thus making the outlook for high yield and risk assets less clear. To date, the flow into CNY has gathered pace this year. We presume it will continue provided there is reasonable confidence in the stability in the economy, even if the outlook is less positive than past years" Greg concludes.
Apr 15, 2013

Forex Flash: The Australian dollar reached almost $1.06 before the unwinding of cross positions against the yen took a toll - BBH

The Australian dollar reached almost $1.06 before the unwinding of cross positions against the yen took a toll (as it appears to have done on the other major currencies as well to varying degrees), noted March Chandler, Global Head of Currency Strategy at BBH.
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Apr 15, 2013

Forex: USD/CAD catching a firm bid, trading up 43 pips at 1.0184

The USD/CAD is currently up 43 pips at 1.0184 during Asia trade. The majority of commodity currencies are weaker across the board after China GDP missed expectations earlier in the session. Economic data out of Canada in the coming session is light, but market participants should be aware of the BOC Rate Statement on April 17th at 13:00 GMT.
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