Currency Note Worldwide

Positive Chinese data gives world economy a boost

By Smart Currency October 21st, 2013

Elsewhere on Friday, the most significant news came out of China as GDP figures for the third quarter were released. The 7.8% growth shown was up 0.2% from the previous quarter. The more positive data coming out of the world’s second largest economy combined with the news out of the US earlier in the week meant that the was a confident mood in the market come Friday afternoon. As a result, we saw the high-yielding Australian dollar hit 4-month highs against its US counterpart. We saw the Canadian dollar weaken significantly, hitting 2 year-lows against sterling, after a government report showed inflation remained at the low end of the Bank of Canada’s target band. Looking forward to this week, it should be an interesting week for the Canadian dollar with monthly retail figures on Tuesday, as well as an interest rate decision on Wednesday from the central bank. We also have trade balance figures out of New Zealand on Wednesday. Get in touch with your trader for a live rate.