Chinese GDP at 2.9%; Japanese Bond Yields Breach Ceiling; Gold, Canada Inflation Data Due Today.
Official Chinese data for the past quarter shows that GDP growth has slowed in annualized terms from 3.9% to 2.9%, low in historical terms but higher than the 1.6% which had been widely expected.
This has slightly set back the Chinese stock market, but the selling so far has been nothing notable. The yield on Japan’s 10-year bond has again exceeded to the ceiling imposed by the Bank of Japan. This, along with signs of accelerating inflation in Japan, is raising expectations that the Bank of Japan may take a more hawkish approach in its monthly policy meeting scheduled for tomorrow, which is turn is leading to expectations that the Yen will continue to trend higher.
In the Forex market, the US Dollar made some minor gains yesterday, but the movement was small, and markets were quiet, due to the public holiday in the USA. rising to an 8-month high above $1928 early Monday before pulling back. These assets are attractive to long-term trend traders in the long direction right now, as higher prices here are likely over the coming days.
There will be releases today of Canadian CPI data, the US Empire State Manufacturing Index, and British unemployment data.decreased last week for the fourth consecutive week, but there are serious doubts over the veracity of China’s official statistics, which almost certainly dramatically understate new coronavirus cases.million with an average case fatality rate of 1.
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