15 Jul 2015
Commodity currencies rise, but hesitant after Shanghai Composite drop
FXStreet (Mumbai) - Commodity currencies – AUD, NZD ticked higher against the US dollar on the back of a better-than-expected Chinese Q2 GDP data, but remain hesitant due to the drop in Chinese equity markets.
China’s economy grew 7% in the 12 months to June 30. The actual figure was above above economists’ consensus forecasts for 6.8%, but unchanged from the 7% rate seen in the previous quarter.
The upbeat data saw the AUD/USD pair rise 0.5%, before paring gains to trade just 0.08% higher at 0.7860. On similar lines, the NZD/USD erased 0.30% to gains to trade 0.30% lower at 0.6692. Moreover, the commodity currencies came under pressure after the Shanghai Composite index fell more than 4%.
Meanwhile, the USD/CAD pair rose 0.22% to trade around 1.2760, tracking the moderate losses in the WTI Crude price – down 0.33% at USD 52.87/barrel.
China’s economy grew 7% in the 12 months to June 30. The actual figure was above above economists’ consensus forecasts for 6.8%, but unchanged from the 7% rate seen in the previous quarter.
The upbeat data saw the AUD/USD pair rise 0.5%, before paring gains to trade just 0.08% higher at 0.7860. On similar lines, the NZD/USD erased 0.30% to gains to trade 0.30% lower at 0.6692. Moreover, the commodity currencies came under pressure after the Shanghai Composite index fell more than 4%.
Meanwhile, the USD/CAD pair rose 0.22% to trade around 1.2760, tracking the moderate losses in the WTI Crude price – down 0.33% at USD 52.87/barrel.