Nov. 13: MARKET OVERVIEW
Risk sentiment was hurt by new signs of Chinese economic slowdown. China industrial output declined more than expected to 7.7 percent from a year earlier, while fixed investment growth slumped to a 13-year low. Retail sales growth has also come slightly below the forecast. Meanwhile, oil prices slipped to fresh multi-year lows on fears Saudi Arabia won’t support oil output cuts. USD/JPY consolidates below the 116.10 high
The dollar stands firm on the prospects of solid growth in the Unites States with EUR/USD consolidating at 1.2440. GBP/USD plummeted to a fresh 14-month low of 1.5760 as the BOE weak view on domestic inflation pushes back expectations on the timing of an interest rate rise into late 2015.
AUD/USD retraced down from 0.8740 amid weak Chinese figures and oil prices. What’s more, the RBA Assistant Governor Kent hinted on a possible intervention in order to lower the currency.