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The risk sentiment gets better as Chinese data improves

The risk sentiment gets better as Chinese data improves

Information is not investment advice

What?

The Chinese economic indicators have marked a positive start of today’s trading session. While the GDP growth came out in line with the forecast with a 6% increase, the level of industrial production greatly outperformed the anticipated figures, rising by 6.9% (vs. the forecast of 5.4%). Also, industrial production advanced by 5.4%.   It may be a good sign about a final de-escalation of the US-China trade tensions.

Screenshot_20.jpg

The reaction

The market showed an optimistic reaction to the news, resulting in the inflow of capital into the Chinese yuan.

USD/CNH has fallen to the lowest levels since the beginning of July. On the daily chart, the pair is targeting the support at 6.8478.

USDCNHDaily.png

USD/JPY, on the other hand, is getting positive momentum. The pair has broken higher above the 110 level and now is testing the border of the uptrend.

USDJPYDaily.png

What’s next?

The phase one trade deal between the US and China has brought the bullish momentum to the markets. However, experts suggest that the tensions are not over yet, mentioning US tariffs on Chinese goods that remain in place. Will we see future challenges for the Chinese yuan ahead?

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USD Moves Weird Ahead of CPI

The United States will publish the Inflation Rate and Core Inflation Rate, also known as US CPI and Core CPI, on August 10 at 15:30 GMT+3.

The NFP Release: One More Punch for USD?

The United States Bureau of Labor Statistics will release monthly average hourly earnings, non-farm employment change (NFP), and unemployment rate on August 5, 15:30 GMT+3.

The UK Speeds Up Tightening

The Bank of England (BoE) will share its Official Bank Rate and make a statement on monetary policy on August 4, 14:00 GMT+3.

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