Data on Home Loans and China's GDP may stem the tide

Investors hoping that data on Home Loans and China's GDP will stem the tide

By Niall King | Sales Trader CMC Markets
April 15, 2013

The bears have gate-crashed the monetary stimulus party that markets have recently been enjoying this morning and the Australian market duly took its lead from Friday's close overseas as the expected early sell-off was realised. Weak retail sales and consumer sentiment data from the US on Friday has added to fears that growth recovery the worlds largest economy is starting to stutter, prompting Friday's losses in equities and commodities. Little surprise then that the miners have taken a beating in early trade, leading the race south while CBA, NAB and Telsta have bucked the trend with early gains.

Down from last weeks high's but holding firm above $1.05 against it's US Counterpart in early trade, the Aussie dollar's recent rise on the back of optimism towards Chinese growth is set to come under scrutiny around midday as GDP figures from Australia's biggest export market are released. Naturally, confirmation that the Chinese economy is picking up pace once again should have a positive impact for the Aussie.

Locally, the next economic heath check will come in the form of Australian Home Loan data, released at 11.30am this morning where a strong read may provide some relief, however small it may be, to a market under fire.'

Hashtag: China
Tweet: The Aussie dollar's recent rise on the back of optimism towards Chinese growth is set to come under scrutiny around midday as GDP figures from Australia's biggest export market are released.

www.cmcmarkets.com.au

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