-
NZDUSD: All Eyes on .8000
As my colleague Chris Tedder noted earlier today, the big news in today’s Asian session was undoubtedly China’s quarterly data dump. The marquee GDP report came out 0.1% better than expected at 7.3% y/y, but this reading still represents a 5-year low for growth in the world’s second-largest economy. However, Industrial Production came out surprisingly strong at 8.0% y/y vs. 7.5% eyed and 6.9% last quarter, suggesting that demand for exports from the Middle Kingdom remains strong. In the wake of China’s data, USDCNH fell to a new 7-month low beneath 6.13, a risk we highlighted in yesterday’s EM Rundown ... (full story)