FXstreet.com (Barcelona) - China’s Q4 GDP is the standout event in Asia. Westpac FX analyst Sean Callow notes, "for all the scepticism over the accuracy of Chinese data, AUD, NZD and Asian currencies will react to any divergence between headline GDP and the Bloomberg median forecast of 7.8%..."
He expands: "Forecasts range from 7.4% to 8.3%, with Westpac on 8.1%. A reading in the 8.0-8.1% area would probably boost AUD/USD at least 40 pips. Caution is needed as the 2012 year average number will print at the same time and it should be lower than the Q4 reading (consensus 7.7%, Westpac 7.8%)."
He expands: "Forecasts range from 7.4% to 8.3%, with Westpac on 8.1%. A reading in the 8.0-8.1% area would probably boost AUD/USD at least 40 pips. Caution is needed as the 2012 year average number will print at the same time and it should be lower than the Q4 reading (consensus 7.7%, Westpac 7.8%)."
