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15 Jul 2013
China GDP Q2 comes at 7.5%, AUD buoyed
FXstreet.com (Barcelona) - Gross Domestic Product (YoY) for the second quarter of 2013 in China came at 7.5%, in line with consensus and 7.7% last reading in Q1.
John Noonan, Head of IFR Markets in Australia, made a few remarks pre-GDP numbers, saying that since the expectations are very low, especially after the Chinese Finance Minister downgraded growth projections last week, "a 7.5% result would be greeted with relief and would likely send Asian risk assets higher and result in a hefty AUD recovery."
The number comes also in line with an earlier research note by Sean Callow, FX Strategist at Westpac, who mentioned "China's GDP number has not printed more than 0.3 ppt wide of Bloomberg consensus - 7.5% today - since 2010."
John Noonan, Head of IFR Markets in Australia, made a few remarks pre-GDP numbers, saying that since the expectations are very low, especially after the Chinese Finance Minister downgraded growth projections last week, "a 7.5% result would be greeted with relief and would likely send Asian risk assets higher and result in a hefty AUD recovery."
The number comes also in line with an earlier research note by Sean Callow, FX Strategist at Westpac, who mentioned "China's GDP number has not printed more than 0.3 ppt wide of Bloomberg consensus - 7.5% today - since 2010."