The AUDUSD opens at 0.7035 (mid-rate) and the NZDUSD opens at 0.6717 (mid-rate) this morning.
The AUD and NZD have extended their recent gains on the back of yesterday’s stronger than expected monthly China data releases.
Yesterday’s data showed China’s Gross domestic product (GDP) growth slowed to 6.2% in Q2 following on from 6.4% in Q1, the result is still within China’s target growth rate for the year of between 6.0% and 6.5% and was in line with expectations.
The monthly releases and in particular China’s retail sales and industrial production have allayed some of the fears about slowing global growth with both releases printing well ahead of forecasts.
Annual growth in industrial production which had been expected to increase to 5.2% in June following on from May’s 5.0% rate of growth, grew by 6.3% y/y. Retail sales were up by 9.8% y/y following on from May’s 8.6% increase and again were far better than the forecast 8.5% result.
This morning’s monetary policy meeting minutes should be the key driver for the AUD today, with New Zealand’s Q2 CPI data dictating direction for the AUDNZD cross.
Global equity markets are edging higher - Dow +0.05%, S&P 500 +0.03%, FTSE +0.34%, DAX +0.52%, CAC +0.10%, Nikkei +0.20%, Shanghai +0.40%.
Gold prices are little changed, trading at $1,410 an ounce. WTI Crude Oil prices have slipped lower, down 1.1%, trading at $59.61 a barrel.
Upcoming Data Releases
- NZ: CPI q/q - 8:45 AEST / 10:45 NZST
- AU: Monetary Policy Meeting Minutes - 11:30 AEST / 13:30 NZST
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