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Aussie little changed in a quiet morning trade

Friday, Aug 28 2015
There were no data releases from Australia this morning, with Aussie adding few points. Stress continued to ease China pumped more money into the banking system. China’s slump is shaking the world economy, turning a country long seen as a growth engine into a possible threat. The slowdown started as a side effect of the Communist Party’s plan to steer the world’s second-largest economy to a “new normal” of lower, steadier growth. It has turned into a nose dive that the party is struggling to reverse.
 
The party’s plans call for keeping economic growth close to 7 percent this year while China shifts from reliance on trade and investment to more self-sustaining growth based on domestic consumption. Exports were supposed to grow by 6 percent this year, but instead they are shrinking. Factories are shedding millions of jobs, threatening to inflame political tensions. New industries, including e-commerce, are growing but still are too small to offset job losses in traditional businesses.
 
Aussie is currently being traded few points above 0.7170 level. Pair is likely to find support around 0.71 handle and resistance above 0.72 area. Later today, in the US session, Orders Trade Balance and Revised Consumer Sentiment figures are scheduled for a release.
More in this category: « US GDP up by 3.7% in Q2 UK GDP rose by 0.7% in Q2 »

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