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15 Jul 2013
Flash: Chinese GDP surprised – TD Securities
FXstreet.com (London) - Research teams at TD Securities noted the surprise number in the Chinese GDP data overnight.
They said, tot on the heels of the Chinese finance minister’s “6.5% growth is not a problem” comment last Friday, markets had been bracing for a disappointing GDP number despite official retraction/clarifications.
In the event, growth printed 7.5% y/y, bang in line with the prevailing consensus, and risk assets breathed a sigh of relief. The AUD/USD rose above $US0.91 after temporarily sliding below $US0.90 on Friday, and equity markets rallied, this time led by the Shanghai (+1.3%).
They said, tot on the heels of the Chinese finance minister’s “6.5% growth is not a problem” comment last Friday, markets had been bracing for a disappointing GDP number despite official retraction/clarifications.
In the event, growth printed 7.5% y/y, bang in line with the prevailing consensus, and risk assets breathed a sigh of relief. The AUD/USD rose above $US0.91 after temporarily sliding below $US0.90 on Friday, and equity markets rallied, this time led by the Shanghai (+1.3%).