Forex: Aussie Dollar Gains, Yen Stumbles on China 4Q GDP Data

DailyFX

Talking Points:

  • China's GDP grew 7.7% y/y in 4Q, beating expectations of 7.6%
  • Aussie Dollar probes higher, Yen gives back some earlier gains
  • BOJ rate decision, Australian CPI data in focus in the days ahead

The Australian dollar probed back above the US$0.88 figure following the release of a string of Chinese economic figures. The fourth-quarter GDP report showed output grew 7.7 percent year-on-year, beating economists' estimates calling for a 7.6 percent outcome. The Japanese Yen also have back some of the ground gained earlier in the session, with USD/JPY managing to pop back above the 104.00 mark. Strong growth in the East-Asian giant stands to benefit neighboring countries including Australia and Japan, as China constitutes their largest trading partner.

Yen traders will look towards the upcoming BOJ meeting later this week for further cues and the Australian dollar will turn to Wednesday’s local inflation figures for guidance.

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AUD/USD 5min Chart - Created with FXCM Marketscope, Prepared by David de Ferranti

--- Written by David de Ferranti, Market Analyst, FXCM Australia

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