Chinese Say That They Will Reach 8% Growth This Year
U.S. dollar weakens in currency trading
The U.S. dollar is weakening in currency trading on the FX market as economic news comes in from a variety of corners. Of particular interest right now is the fact that China is saying that it will hit its yearly economic growth goal.
So far, China claims, its economy has gown 7% this year. The target of 8% was set earlier this year, and it is no surprise that the Chinese are strictly adhering to the rhetoric that the goal of 8% economic growth will be met by the end of the year.
Also of interest to the U.S. dollar is the fact that Federal Reserve Chair Ben Bernanke has been avoiding monetary policy talk. His speech yesterday in San Francisco did not mention it. However, there are hopes that he will address the subject today.
Bernanke’s take on the economy is becoming increasingly important, as some analysts, notably those at Barrons, claim that the U.S. economy is in a position to handle 2% interest rates, and that it is time to hike. The Fed has indicated dovishness in the past, so it will be interesting to see if Bernanke responds to this challenge.
See Also
- U.S. Dollar in Currency Trading
The economic calendar and currency trading on the FX market
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