Chinese Q2 GDP is the focus (spoiler alert, it'll come in extremely close to forecast, it always does)
But its not the only item
2130GMT - New Zealand - REINZ house sales data fro June, prior +13.6% (there has been no stopping the NZ housing market)
0020GMT - Federal Reserve - We hear from Robert Kaplan, President of the Federal Reserve Bank of Dallas, he is expected to speak on the economy and monetary policy. He does not have a vote on the FOMC this year, but all heads of the branches are heard at the meetings.
Then, from China, due at 0200GMT ... heaps!
Q2 GDP (I'll be back with more on this, but here's what to expect):
- For the y/y, expected 6.6% and prior 6.7%
- For the q/q (sa), expected 1.6%, prior 1.1%
Also from China, due at 0200GMT:
- June Industrial production y/y, expected 5.9%, prior 6.0%
- Retail sales for June y/y, expected 9.9%, prior 10.0%
- Fixed asset investment (excluding rural) for June YTD, expected 9.4%, prior 9.6%
And, that's not all. While there is no time scheduled today should get the release also of:
- June new yuan loans, expected is 1000bn, prior was 985.5bn
- Aggregate financing RMB, expected is 1100bn, prior was 659.9bn
- Money supply M0 y/y: expected is 6.1%, prior was 6.3%
- Money supply M1 y/y: expected is 22.6%, prior was 23.7%
- Money supply M2 y/y: expected is 11.4%, prior was 11.8%
Like I said, it's the GDP that is the big focus, but IP, retail sales and financing growth (new yuan loans & aggregate financing) will be watched also.
Disappointments on the data from China will be a negative input for the AUD, which is benefitting from a good run of domestic data (growing business confidence, strong business conditions, a good employment report yesterday ... and more (ps. there are a few negatives, consumer confidence could be better and low inflation is a central bank concern). AUD trading is very much a two-way street at present - those who have been wanting to be sellers are seeing rallies peter out and dips providing good profit taking opportunities, while buyers have had decent rallies & plenty of opportunities also. A good traders market.
If you find yourself asking, "Oh yes, but where will it end up?", that's the wrong question. The AUD floated in December of 1983 and so far there has been no end.