Overnight the world’s second largest economy China confirmed that it grew at its slowest quarterly rate in ten years as the problems of the US-China Trade Wars appear to be having an impact on the economy.
According to official sources the previous quarter showed growth of 6.5% compared to the year before and this was short of the forecast figure of 6.6%.
However, although the headline figure is clearly a concern for the country it was still in line with the government’s target for this year of 6.5%.
Typically this would result in Australian Dollar weakness as China is their largest trading partner so any slow down will often result in problems for the Aussie Dollar. However, as we have seen during the course of this week the Pound has faced some problems owing to the roadblock concerning the latest Brexit talks which appear not to have gone anywhere at this week’s EU summit.
Indeed, the latest news appears to be that the parties involved are looking to extend the current time lines in order to ensure a smoother Brexit. The European Union has offered to extend the amount of time needed for the post-transitional period for the UK.
This has caused the Pound to come to a bit of a brick wall in terms of making further advances against the Australian Dollar and next month’s Brexit summit appears to have been cancelled for the time being.
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