Chinese GDP growth and Industrial Production both missed target expectations. Chinese GDP slipped from 7.9% to 4.9% and below the expected 5.2%. Industrial Production fell from 5.3% to 3.1%, which was well below expectations. The softening of the Chinese economy is having a deep impact on global markets and supply chains. US Industrial Production also fell, contracting 1.3%, into dangerous negative territory. The EUR traded 1.1600, while the continued to decline, trading 114.20.
NZ inflation spiked higher than expected, Q3 hitting 4.9%, well above the expected 3.3%. The rising inflation is a problem already being addressed by the RBNZ, raising interests rates and promising more. The NZD pushed up to 0.7080, while the AUD consolidated above 0.7400. Inflation and growth remain the key narrative surrounding global economies and thus markets.