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15 Jul 2013
Flash: A 7.5% China GDP to support AUD/USD - Wetpac
FXstreet.com (Barcelona) - China’s Q2 GDP figures will be the main risk event in the regional calendar, says Sean Callow, Strategist at Westpac.
According to Callow, "Q1’s headline was 7.7% y/y and with officials suggesting Q2 won’t be far below Q1, consensus for 7.5% seems about right." Callow adds "GDP number hasn’t printed more than 0.3 ppt wide of Bloomberg consensus since 2010."
Callow also touches on "last week’s reference by FinMin Lou to year average growth of 7% as being “clarified” by state newswire Xinhua over the weekend, saying the official growth target is 7.5% and the government remains confident it will be met."
The Strategit for Westpac expects the AUD/USD and to a lesser extent the NZD/USD to get a little boost "in relief on a 7.5% headline, given jitters in recent sessions about a downside surprise" Callow said.
According to Callow, "Q1’s headline was 7.7% y/y and with officials suggesting Q2 won’t be far below Q1, consensus for 7.5% seems about right." Callow adds "GDP number hasn’t printed more than 0.3 ppt wide of Bloomberg consensus since 2010."
Callow also touches on "last week’s reference by FinMin Lou to year average growth of 7% as being “clarified” by state newswire Xinhua over the weekend, saying the official growth target is 7.5% and the government remains confident it will be met."
The Strategit for Westpac expects the AUD/USD and to a lesser extent the NZD/USD to get a little boost "in relief on a 7.5% headline, given jitters in recent sessions about a downside surprise" Callow said.