ForexLive Asia-Pacific FX news wrap: China GDP data beat on q/q basis, miss on y/y basis

<ul><li><a href="https://www.forexlive.com/centralbank/goldman-sachs-expects-the-bank-of-england-to-hike-by-50bp-at-its-august-meeting-20230717/">Goldman Sachs expects the Bank of England to hike by 50bp at its August meeting</a></li><li><a href="https://www.forexlive.com/news/china-q2-gdp-08-qq-expected-05-20230717/">China Q2 GDP +0.8% q/q (expected 0.5%)</a></li><li><a href="https://www.forexlive.com/news/china-june-retail-sales-31-yy-expected-32-industrial-output-44-yy-exp-27-20230717/">China June: Retail sales +3.1% y/y (expected 3.2%) Industrial output +4.4% y/y (exp 2.7%)</a></li><li><a href="https://www.forexlive.com/news/hong-kong-exchange-has-cancelled-all-monday-trading-due-to-typhoon-20230717/">Hong Kong exchange has cancelled all Monday trading due to Typhoon</a></li><li><a href="https://www.forexlive.com/centralbank/peoples-bank-of-china-set-mlf-rate-at-unchanged-265-as-expected-20230717/">People's Bank of China set MLF rate at unchanged 2.65%, as expected</a></li><li><a href="https://www.forexlive.com/centralbank/pboc-sets-usd-cny-mid-point-today-at-71326-vs-estimate-at-71386-20230717/">PBOC sets USD/ CNY mid-point today at 7.1326 (vs. estimate at 7.1386)</a></li><li><a href="https://www.forexlive.com/centralbank/icymi-blackrock-ceo-fink-said-us-inflation-likely-to-be-sticky-now-stay-above-2-target-20230717/">ICYMI – BlackRock CEO Fink said US inflation likely to be sticky now, stay above 2% target</a></li><li><a href="https://www.forexlive.com/news/the-goldilocks-price-for-oil-is-around-us70-per-barrel-20230717/">The goldilocks price for oil is around US$70 per barrel.</a></li><li><a href="https://www.forexlive.com/news/imf-says-that-while-core-inflation-is-well-above-targets-inflation-appears-to-have-peaked-20230717/">IMF says that while core inflation is well above targets, inflation appears to have peaked</a></li><li><a href="https://www.forexlive.com/news/singapore-non-oil-domestic-exports-nodx-ins-june-54-mm-59-expected-20230717/">Singapore non oil domestic exports (NODX) ins June +5.4% m/m (+5.9% expected)</a></li><li><a href="https://www.forexlive.com/news/ubs-forecast-eurusd-to-118-12-month-horizon-20230717/">UBS forecast EUR/USD to 1.18 (12 month horizon)</a></li><li><a href="https://www.forexlive.com/news/bank-of-america-says-the-recent-usd-selling-may-be-an-over-reaction-20230716/">Bank of America says the recent USD selling may be an over reaction</a></li><li><a href="https://www.forexlive.com/news/new-zealand-data-june-services-pmi-501-prior-533-20230716/">New Zealand data – June services PMI 50.1 (prior 53.3)</a></li><li><a href="https://www.forexlive.com/news/russia-has-seized-shares-of-danone-and-carlsberg-subsidiaries-20230716/">Russia has seized shares of Danone and Carlsberg subsidiaries</a></li><li><a href="https://www.forexlive.com/centralbank/japan-finance-minister-says-there-was-no-discussion-of-exchange-rates-at-g7-20230716/">Japan finance minister says there was 'No discussion' of exchange rates at G7.</a></li><li><a href="https://www.forexlive.com/news/chinese-june-activity-data-q2-gdp-due-today-gdp-expected-to-be-inflated-by-base-impact-20230716/">Chinese June activity data &amp; Q2 GDP due today (GDP expected to be inflated by base impact)</a></li><li><a href="https://www.forexlive.com/news/black-sea-grain-deal-has-not-been-extended-as-of-now-but-everything-is-possible-says-tass-20230716/">Black Sea grain deal has not been extended as of now, but everything is possible says TASS</a></li><li><a href="https://www.forexlive.com/news/weekend-china-data-new-home-prices-unchanged-in-june-weakest-result-this-year-20230716/">Weekend China data – New home prices unchanged in June, weakest result this year</a></li><li><a href="https://www.forexlive.com/news/jpy-traders-and-others-its-a-japanese-market-holiday-today-20230716/">JPY traders (and others) – it's a Japanese market holiday today</a></li><li><a href="https://www.forexlive.com/news/australian-treasurer-chalmers-sees-substantial-economic-slowdown-jobless-up-cpi-down-20230716/">Australian Treasurer Chalmers sees substantial economic slowdown, jobless up, CPI down</a></li><li><a href="https://www.forexlive.com/news/trade-ideas-thread-monday-17-july-2023-20230716/">Trade ideas thread – Monday, 17 July 2023</a></li><li><a href="https://www.forexlive.com/news/monday-morning-open-levels-indicative-forex-prices-17-july-2023-20230716/">Monday morning open levels – indicative forex prices – 17 July 2023</a></li><li><a href="https://www.forexlive.com/centralbank/newsquawk-week-ahead-china-activity-data-pboc-lpr-us-retail-sales-uk-nz-canada-cpi-20230716/">Newsquawk Week Ahead: China activity data, PBoC LPR, US retail sales, UK, NZ, &amp; Canada CPI</a></li><li><a href="https://www.forexlive.com/technical-analysis/the-us-dollar-fell-sharply-last-week-before-consolidating-on-fridaywhat-next-technically-20230716/">The US dollar fell sharply last week before consolidating on Friday.What next technically?</a></li><li><a href="https://www.forexlive.com/news/weekly-market-outlook-17-21-july-20230716/">Weekly Market Outlook (17-21 July)</a></li><li><a href="https://www.forexlive.com/news/forexlive-americas-fx-news-wrap-14-jul-usd-rises-today-but-down-for-the-week-20230714/">Forexlive Americas FX news wrap 14 Jul. USD rises today but down for the week</a></li></ul><p>
Eyes
were on China yet again with</p><ul><li>the
People’s Bank of China setting the Medium-term Lending Facility
(MLF) rate – at an unchanged 2.65%</li><li>June
economic activity data – coming in mixed</li><li>Q2
GDP data – coming in better than expected on a q/q basis but not on
a y/y basis</li></ul><p>The
net impact of all the economic events from China was subdued, with
major FX trading small ranges only. This was also partially due to a
Japanese market holiday. Hong Kong markets were out as well, with
trade on the HKEX stopped for Monday due to a severe typhoon warning.

</p><p>News
flow was light. Traffic was stopped on the Crimea/Russia bridge due
to an "emergency" said Russian sources; while Ukrainian
media reported explosions were heard. Reports are that one span of
the bridge is down while another is damaged.</p><p>Asian
equity markets:</p><ul><li><p>
Japan’s
Nikkei 225 -0.1%</p></li><li><p>
China’s
Shanghai Composite -1.1%</p></li><li><p>
Hong
Kong’s Hang Seng… closed due to typhoon warning</p></li><li><p>
South
Korea’s KOSPI -0.3%</p></li><li><p>
Australia’s
S&amp;P/ASX 200 -0.05%</p></li></ul><p>USD/JPY ticked a little lower. </p>

This article was written by Eamonn Sheridan at www.forexlive.com.