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Chinese data and inflationary pressure continues to be strong

Written by Sam Coxhead on April 15th, 2011.      0 comments

2:30 PM (NZT) A host of Chinese economic numbers have been released over the last few hours.
For the most part these numbers have come out above expectations, showing that the economy still have plenty of momentum. The concerning thing for Authorities in China will be the seemingly unstoppable inflationary pressure.
Q1 CPI 5.4% for the year
Q1 GDP 2.1% for the QTR and 9.7% for the year
Retail Sales +17.4% for the year
Industrial Output +14.8% for the year
Meanwhile today’s YUAN-CNY fix has seen it fixed at a new record low level against the USD of 6.5301 which means the been allowed to appreciate by almost 5% over the last year.
The USD remains under pressure with the oil price increasing again overnight. The Euro-zone debt issues continue to concern, although there was a concerted effort last night for ECB/EU/IMF officials to play down speculation that a Greek debt restructure was imminent. These seem to be orchestrated to counter the loose comments by German Finance Minister  Wolfgang Schaeuble made yesterday.
The coming European session sees European Inflation numbers released with an expectation for the year of 2.6%, any number above this would surely prove to be EUR positive.
    Last 24 hours trade
  Current level Low High
NZD/USD 0.7942 0.7865 0.7958
AUD/USD 1.0539 1.0456 1.0557
NZD/AUD 0.7538 0.7497 0.7548
AUD/NZD 1.3266 1.3248 1.3338
NZD/GBP 0.4857 0.4829 0.4868
NZD/EUR 0.5481 0.5454 0.5490
NZD/JPY 66.47 65.41 66.55
NZD/CAD 0.7632 0.7583 0.7641