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China's CPI rose more than expected

Tuesday, Mar 10 2015
China's consumer price index rose 1.4% on year, beating expectations of a 1% rise. However,  wholesale prices, or the producer price index (PPI), fell 4.8% in February, worse than the average forecast of a 4.3%. A plunge in oil prices, weak consumption and a slowing property sector have driven prices lower in recent months, even as China's economy braces for slower growth this year. 
 
Earlier today, from Australia, NAB Business Confidence figures were released. National Australia Bank's monthly survey of more than 400 firms showed its index of business confidence dropped three points to zero in February, even as its measure of business conditions held steady at +2.
 
"Confidence also fell across all industries except manufacturing and wholesale, suggesting common factors such as political and broader economic uncertainty may be at play - perhaps the rate cut acted as a stark reminder of the significant headwinds facing the economy," said NAB's chief economist Alan Oster.
 
After the data Aussie was pushed lower and is currently being traded few points above 0.7640 area. Pair is likely to find support around 0.76 and resistance above 0.77 handle. Later today, in the US session JOLTS Job Openings figures are scheduled for a release.
More in this category: « Sterling broke above 1.51 handle French Industrial Production increased by 0.4% »

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