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18 Apr 2023

18 Apr 2023

Steady as she goes

• Calm markets. Limited moves across markets. The USD gave back a little ground. US Fed speakers will be in focus later this week.• China data. China GDP higher than predicted. Growth is being driven by consumer spending. Industrial production & investment underwhelmed. Diverging sector performance points to more AUD/EUR downside.• AUD/NZD in focus. NZ CPI released tomorrow. Will the data meet the RBNZ’s lofty forecasts? We see AUD/NZD moving higher over the medium-term. Markets paused for breath overnight, with movements across most assets well contained despite an array of data and US earnings results. US equities ended the data...

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18 Apr 2023

China’s sector divergence & AUD/EUR

China’s activity batch for March, which included Q1 GDP, confirmed that the economic rebound following the shift away from the COVID zero policy is unfolding. GDP growth was a bit stronger than predicted, with China’s economy expanding by 2.2% over Q1. As a result, annual growth momentum stepped up to 4.5%pa. A look across the underlying drivers shows that, as per other economies when COVID health/mobility restrictions were lifted, spending by households is doing the heavy lifting as pent-up demand is unleashed. Retail sales rose 5.8%pa over Q1 compared to the same period last year. Less encouraging was the underwhelming...

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