- China 2Q GDP grew at 7.6% (as expected ) slowest pace in 3 years.
- China Industrial Production up 9.5% (f’cst 9.8%).
- China Retail Sales up 13.7% (f’cst 13.5%).
- China Daily report says growth to rebound in 3Q to 8% and 8.3% in 4Q , with full year at 8%. Still expecting 2 to 3 more rate cuts.
- PBOC fixes Yuan at 6.3247 vs. 6.3215 .
- IMF Lagarde : ” To soon for extension of Greek bailout terms”.
- Moody’s downgrades Italy’s bond rating to Baa2 from A3. Near-term economic outlook has deteriorated . Could be downgraded further.
- Azumi declines comment on Moody’s downgrade of Italy. Thinks Europe is capable enough to overcome debt problem.
- Bank’s Libor cost may it $22 bln.
With China GDP numbers coming in as forecast (although some had expected a lower number) trading was your typical let me out of here Friday I can’t wait for the weekend market .
Eur drifted lower most of the session to 1.2180 before rallying above 1.2200 before the GDP nbrs. Session high was around the 1.2215 level .
Usd Jpy non-event 79.39/79.23 . ending session here at 79.30.
Aussie $ was of course the main focus all session trading around the 1.0130 level before the China nbrs. Afterwards a quick pop to 1.0163 then a period of consolidation aoround 1.0250, before closing here on the highs at 1.0170.
Japan IP due out in about 20 minutes (-3.1% f’cst), not much until later in the U.S.
On that note have a good weekend and good luck to all.
