Chinese Industrial Profits down by 8.8%

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Monday, Sep 28 2015

There were no data releases fro Australia this morning. From, China, only minor importance Industrial Profits figures were released. Chinese August industrial profits fell by 8.8% y/y, while previous decline was by 2.9%. The Chinese statistical bureau is out with damage control on the soft reading. They say that costs (not sales) were behind declining profitability.

According to the bureau catalyst for the decline was the declining exchange rate. However, if you add the 5% yuan decline to the 2.9% fall, that brings it to 7.9%, which might help to explain the loss, but not in its full range.

Aussie is currently being traded above 0.70 handle. Pair is likely to find support around 0.6950 level and resistance above 0.7050 area. Later today, in the US session, Pending Home Sales data is scheduled for a release.

More in this category: « USD - Major events in the week ahead BoE unlikely to rise interest rates until mid 2016 »

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