Overnight Chinese data weighs down the Australian dollar (Dayle Littlejohn)

Australian Dollar to Pound Forecast: Risk Sensitive AUD Likely to Remain Under Pressure

China overnight released their latest Consumer Price Index (inflation) numbers. The consensus was for inflation to drop to 1.8% from 2%. However the National Bureau of statistics overestimated the inflation figure and inflation dropped to 1.6%.

GBP/ AUD has plummeted 10 cents over the last month. I put this down to a stabilising Chinese stock market and poor UK economic data over the last 2 weeks (CPI & GDP in particular).

Tonight Australia release their latest employment figures. I expect China will have had a detrimental effect on employment throughout Australia and therefore a buying opportunity may present itself overnight.

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