Support
China's GDP growth slows to 4.7%
Oil prices drop for the second day; Brent at $84.36, WTI at $80.94, as China data underwhelms.
Markets speculate a Trump victory, expected to bolster the USD further.
China's GDP growth slows to 4.7% vs. 5.1% expected, with new home prices falling rapidly.
Chinese industrial production slightly exceeds expectations at 5.3% vs. 4.9%.
Political turmoil
The dollar edged higher amidst political turmoil following the attempted assassination of Trump, reinforcing its status as a safe haven. Markets are now abuzz with speculation about a Trump victory, which is anticipated to further bolster the USD.
China data underwhelms
Data from China earlier today indicated weakness in the GDP numbers which slowed to 4.7% vs 5.1% expected and 5.3% in the previous quarter. New home prices have also fallen at the fastest pace since 9 years.
Meanwhile only industrial production was a bit of a relief as it scored higher than expected at 5.3% vs 4.9% previous although the previous reading was higher at 5.6%.
The Chinese Yuan was little changed slightly to the downside.
Commodities
Oil prices dropped for the second day with Brent near $84.36 and WTI near $80.94. Oil prices fell under pressure due to weak demand from China amid negative economic readings.
