Aussie under pressure in an overnight trade

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Monday, May 16 2016

There were no data releases from Australia this morning. Trading sentiment has begun Monday morning under pressure as weaker than expected economic data from China again points towards economic slowdown in the world’s second largest economy. Chinese economic data disappointed with Industrial Production (+6.0% vs 6.5% exp), Retail Sales (+10.1% vs +10.5% exp) and Fixed Asset Investment (+10.5% vs +10.9%).

However this will now prompt questions over whether this will drive the next round of monetary easing measures from the People’s Bank of China. For now though, the data has impacted slightly negatively on risk appetite this morning with safer haven plays such gold and US Treasuries performing well and equity markets under pressure. Wall Street closing 0.9% lower on Friday would not have helped the mood and whilst Asian markets were mixed overnight, the European indices are all trading weaker in early moves.

Aussie is currently being traded around 0.7290 area. Pair is likely to find support around 0.7250 handle and resistance above 0.7350 level. Later today, in the US session, Empire State Manufacturing Index figures will be released.

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