Commodity currencies slipped slightly against the dollar after the release of data on economic growth in China, which has not gone beyond the forecasts of economists.
According to the National Bureau of Statistics, China's economic growth in the 3rd quarter of this year remained at the level of the previous quarter. Compared with the same period of 2015, China's GDP grew by 6.7%, which was in line with economists' forecasts.
These data were considered in two ways by the market. On the one hand, the government's measures to stimulate the economy contribute to stabilization of the situation in the country. On the other hand they are clearly not enough to return to the previous growth rate. Compared with the previous quarter, China's GDP in the 3rd quarter increased by 1.8%.
As a result, the commodity currencies have come under pressure. The Australian dollar fell slightly against the dollar after yesterday's growth in the first half of the day, as traders are now focused on employment data, which will be released this Thursday.
A failed attempt to break major resistance 0.7690, suggests continued concerns among investors for further action in respect of the RBA monetary policy.
The New Zealand dollar was lucky a little more. The growth of quotations of oil, as well as good results dairy auction supported the pair NZD / USD. According GlobalDairyTrade auction prices for dairy products rose by 1.4%. For the current year the price of milk powder increased by 25%.
The European currency remains under pressure from the US dollar after yesterday's US inflation data.
Despite the fact that the consumer price index rose by 0.3% compared with the previous month in September, which coincided with economists' forecasts, current indicators point to a stable inflationary background that "unleashes" the Fed's interest rate. Only recently, representatives of the Federal Reserve stated that it is inflationary indicators will play a key role in the decision on interest rates at the next meeting, to be held in November this year. Core inflation rose by only 0.1%.
Pressure on the euro has an upcoming referendum in Italy, as well as the euro zone's banking sector, which judging by yesterday's report, is not very happy with the actions of the ECB in respect of negative interest rates, which may increase even more at tomorrow's meeting.
From a technical point of grain in a pair that does not change. A break 1.0965 will lead to a resumption of the downtrend that derail EUR / USD to new urovnyav support 1.0920 and 1.0870. Return to the upper boundary of the current side channel 1.1020 will give a chance for continued growth in the euro in the short term.