Nevertheless, the Chinese economy grew 8.1% y/y, compared to the official target of 6.0%. Retail Sales were 1.7% y/y, well below the forecast of 3.7%, and November 3.9% y/y result. 4Q GDP fell to 4.0% y/y, from 4.9% y/y previously and Dec. The news offset concerns from weaker than expected Q4 GDP and Retail Sales numbers. The Peoples Bank of China cut interest rates to help stimulate growth, trimming the 7-Day Repo rate to 2.10% from 2.20%, and the one-year medium lending facility rate to 2.85% from 2.95%.
Rising CPI may force the Bank of Canada to raise interest rates at the January 26 meeting, despite the ongoing impact from the omicron variant.Ĭhina was a significant focus in Asia. Instead, traders will be looking ahead to Wednesday’s inflation data. It is unlikely to cause a stir, mainly because the timing of the survey missed the latest Omicron outbreak. The Bank of Canada quarterly Business Outlook Survey is due today. However, the Iran nuclear talks, which have been ongoing for nearly six months, are a wild card. China’s latest stimulus action also supports oil prices. West Texas Intermediate touched $84.75/barrel overnight as traders continue to expect a recovery in global demand will outstrip supply. The Canadian dollar continues to benefit from rising oil prices. The Canadian dollar consolidates recent gains in a USDCAD range of 1.2450-1.2550 while tracking broad US dollar sentiment against the major G-10 currencies. US dollar opens firm on US rate outlook This occurs as the MACD line (the 12-day moving average minus the 26-day moving average) crosses above the MACD signal line (the 9-day moving average of the MACD line).- US markets closed-Martin Luther King Day Medium-term momentum has turned positive as the MACD (moving average convergence divergence) index is generated a crossover buy signal. The exchange rate is overbought with the fast stochastic printing a reading of 96, above the overbought trigger level of 80. Short-term momentum has turned positive as the fast stochastic generated a crossover buy signal. The 10-day moving average cross above the 50-day moving average, which means that a short-term uptrend is almost in place. Support is near the 50-day moving average, 1.2520. The dollar moved higher and is poised to test trend line resistance near 1.28. Canadian retailers notched up a better than expected retail sales report. Yields moved lower on Friday as the market attempted to absorb who might have the best chance to be Fed Chair. The dollar moved higher against the Loonie on Friday and finished the week up 0.8%.
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