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Scale of potential slowdown in China increased - Rabobank

FXStreet (Delhi) – Research team at Rabobank, suggest that while we have heard plenty of fairly hawkish comments from US policy makers that the Fed remains on track to raise rates this year, lower than expected Chinese PMI is likely to add fresh fuel to market speculation that the Fed may further postpone its first hike since 2006.

Key Quotes

“In the meantime, commodity currencies are the most vulnerable as concerns about the scale of potential slowdown in China increased. The Australian and New Zealand dollars are leading losses against the US dollar this morning. AUD/USD is trading at the lowest level so far this week with 0.70 to watch as a break lower would expose the September 7 low at 0.6896.”

“On previous occasions we have pointed out that the euro tends to appreciate when global sentiment is negative. That said, the selloff in European stocks combined with speculation of a bigger ECB QE programme seems to be weighing on the single currency, while reassurance from Fed’s officials boosted the US dollar. The September 3 low at EUR/USD 1.1087 is the next key level on the downside.”

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