GDP growth in 2021 will exceed goal

Early Wednesday morning in Asia, China’s Vice Premier Liu He crossed wires, via Reuters, saying that the dragon nation’s 2021 GDP growth will exceed the goal. 

The No. 2 also said that China must maintain continuity and stability in its macroeconomic policy.

It’s worth noting that Goldman Sachs cut China 2021 GDP forecasts to 7.8% from 8.0% while citing Evergrande and power cut problems in September.

Following that, China’s annualized GDP figures for the third quarter of 2021 arrived at 4.9% vs. 5.2% expected and 7.9% previous, with the QoQ reading coming in at 0.2% vs. 0.5% expected and 1.3% last.

FX reaction

While the news should have favored AUD/USD buyers to defend the bounce from yearly low around 0.7130, cautious sentiment ahead of Australia’s Q3 GDP and risk-off mood in the market probe the Aussie pair by the press time.

Read: AUD/USD bears await for downside to resume again from 61.8% golden ratio