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2 May 2013
Forex: AUD/USD falls to 1.0220 on China GDP chatter
FXstreet.com (Barcelona) - AUD/USD has fallen an additional 20+ pips in the last hour of trading, adding to an early slide from 1.0280 region after Australian housing data gave yet another reason to believe the RBA has further room to cut.
According to Mike Paterson from Forexlive, "talk out there that the next Chinese GDP figure will give real cause for concern" he says, has helped to fuel the latest bear run. The rate is now coming into close contact with strong support at 1.0200-1.0220.
As the host of Bloomberg TV's First Up Susan Li notes: "Asia Pacific traders buzzing on Market News report that China may set a 7% GDP target starting next year -- less than its current 7.5% target."
According to Mike Paterson from Forexlive, "talk out there that the next Chinese GDP figure will give real cause for concern" he says, has helped to fuel the latest bear run. The rate is now coming into close contact with strong support at 1.0200-1.0220.
As the host of Bloomberg TV's First Up Susan Li notes: "Asia Pacific traders buzzing on Market News report that China may set a 7% GDP target starting next year -- less than its current 7.5% target."