020 7898 0500Chinas growth figures just released this morning were 6.9%, the lowest for 25 years, but in line with expectations. Always an interesting contrast when you compare this with the insipid growth rates being enjoyed by ourselves, the Eurozone and even the US, but it seems that China has to run to stand still. Markets in Asia have reacted positively which should help stabilise matters over here.
Yesterday we saw little data out from Australia; new motor vehicle sales was the sole release in the early hours of the morning, with figures coming out worse than expected, -0.5% compared to the previous month’s 1.3%. This has caused the currency to weaken against its rivals, despite the gains it made from Sunday nights positive inflation (which was forecast at 2%).
We expect it to be quiet for most of the day on Tuesday; the main focus will be at 21:45, when we see Consumer Price Index (CPI) figures released on behalf of New Zealand. These are generally expected to be at a consensus of -0.2%, compared to previous of 0.3% – this should certainly expect the performance of the New Zealand dollar, and it may well weaken if CPI figures are poor. No data releases are expected for Australia.
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