- US building permits and housing starts as expected
- US preliminary UoM consumer sentiment at 80.4 vs. 83.4 consensus
- US industrial production weaker than expected at 0.3% vs. 0.4%
- Chinese GDP release coming up
US data came in mostly in line with consensus on Friday, as building permits stood at 0.99M and housing starts at 1.00M. The capacity utilization rate was also as expected at 79.2% but the industrial production figure missed the consensus of a 0.4% increase and showed a 0.3% uptick. The preliminary consumer sentiment figure was also weaker than expected at 80.4 versus the estimate at 83.4 and the previous 82.5 reading.
Earlier today, Australia reported an increase in its MI inflation gauge of 0.7%, higher than the previous 0.2% reading. Coming up, we have the release of China’s Q4 GDP figure, which is expected to show 7.6% growth, slightly weaker compared to the previous 7.8% reading. A lower than expected reading might be bearish for the Australian dollar since the Land Down Under is China’s largest trading partner.
Also due are China’s fixed asset investment, retail sales, and industrial production data. Do watch out for New Zealand’s REINZ house price index and Japan’s revised industrial production figure as well. Last but not least, keep tabs on any potential changes in market sentiment that could impact forex price action.
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