- Australian GDP at 0.3% vs. 0.7% in Q3 2014
- Chinese official services PMI up from 53.8 to 53.9 in Nov
- China’s HSBC services PMI improved from 52.9 to 53.0
- U.K. services PMI and euro zone retail sales due
Wipe out! Aussie bears were on top of their game in recent trading, as the Australian economy grew less than expected in Q3. The GDP showed a 0.3% expansion versus the projected 0.7% increase, lower compared to the 0.5% growth figure in the previous quarter. AUD/USD is down 0.54% so far and has dipped below the .8400 handle while AUD/JPY is down 0.56% and is testing the 100.00 mark.
In China, the services industry saw improvements for November, as the official services PMI climbed from 53.8 to 53.9 while the HSBC version indicated an increase from 52.9 to 53.0. This reflects a slightly stronger pace of expansion in the non-manufacturing industry of the world’s second largest economy, but did very little to boost risk appetite in recent trading.
Up ahead, the forex calendar shows that we’ve got a couple of potential movers from the euro zone and the U.K. today. The former is set to release its retail sales report for October and possibly show a 0.6% rebound from the previous 1.3% decline. The U.K. is set to print its services PMI, which is slated to improve from 56.2 to 56.6 and reflect a stronger pace of expansion. Bear in mind that this report might have a significant impact on pound movement, as the services sector comprises a huge chunk of overall economic activity in the United Kingdom.
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