News | Forex Optimum



China: Recovery is expected to gather traction in Q3 - UOB

FXStreet reports that economist at UOB Group Ho Woei Chen, CFA, assessed the latest set of data releases in the Chinese economy and the prospects for the third quarter.

“Industrial production growth accelerated to 5.6% y/y in August..., the fifth straight month of gains… With the sustained gains, industrial production has finally turned the corner with +0.4% y/y year-to-date increase compared to -0.4% in the previous month.”

“Retail sales also came in above expectation at +0.5% y/y..., its first positive growth since the start of the year... Overall, the rebound in August has narrowed the year-to-date decline in retail sales to -8.6% y/y from -9.9% y/y in the preceding month.”

“The economic data in August, including the stronger-than-expected trade and credit growth, all point towards an acceleration in 3Q GDP growth… We now see some upside risk to our GDP forecast for China which is at 4.9% y/y in 3Q and 5.7% y/y in 4Q (2Q: 3.2% y/y) for full-year 1.8% growth.”

You may also be interested:

11:20 29.09.2020
GBP/USD attempts to recover towards 1.3070 - Commerzbank
FXStreet reports that GBP/USD is bouncing from the 200-day ma at 1.2717 and was last seen trading at 1.2847, up 0.1% on the day. Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, notes that the cable has room to rise to 1.3070, but a failure here would allow for further losses to the 1.2250 area.“GBP/USD saw a decent recovery yesterday from the 200-day ma at 1.2717, but the rally has yet to overcome any resistance of note.”“Initial resistance lies at 1.3008 the mid
10:57 29.09.2020
NZD/USD points to extra rangebound near-term - UOB
FXStreet reports that FX Strategists at UOB Group note that NZD/USD could see the continuation of the consolidative range ahead of further losses.24-hour view: “NZD traded between 0.6540 and 0.6567 yesterday, narrower than our expected consolidation range of 0.6525/0.6575. Momentum indicators are still mostly neutral and NZD could continue to trade sideways for today, albeit likely within a higher range of 0.6540/0.6595.”Next 1-3 weeks: “We have held a negative view in NZD since early last week.
10:45 29.09.2020
RBA: Negative rates pretty much ruled out - Citibank
FXStreet reports that ahead of the Reserve Bank of Australia’s (RBA) October 6 monetary policy meeting, analysts at Citigroup believe that the Australian central bank will likely keep the policy steady while dismissing the negative interest rates talks.“RBA is in wait and see mode.”“RBA is comfortable for now with the current level of monetary stimulus.”“Negative rates pretty much ruled out.”“Risks to AUD are fat tailed: Second wave risks, Health disappointment, US election, 
Bonuses VIP