Flash: Aus business confidence/conditions eyed - Westpac

FXstreet.com (Barcelona) - Australia’s data calendar holds some interest, notes Sean Callow, FX Strategist at Wetpac, although he acknowledges it will be unlikely that the data has much impact on the AUD/USD,

Key Quotes

"At 11:30am Syd/8:30am Sing/HK we will see the Oct business survey from NAB. Business confidence surged from -5 in Jul to +4 in Aug as the election result seemed increasingly clear and then to +12 in Sep, a high since April 2010."

"But there has been a sharp divergence with trading conditions, as this index has ticked up only to -4, still a long way short of the +5.5 average of the past decade. Should the conditions index improve notably, the RBA will surely take note – and vice versa."

China may lower GDP target to 7%

After anticipating that a minimum growth rate of 7.2% or above is necessary in order to keep creating jobs for the Chinese economy, according to Premier Li Keqiang in comments made in an Oct 21 speech, the Financial Times has published further insights into the next possible growth targets by China, noting it may cut its GDP projection to 7% by 2014.
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Flash: USD/JPY upside risk consistent with maturity of the triangle - JPM

While upside risks for USD/JPY remain intact, an extension of the consolidation phase is likely for now, notes Niall O'Connor, FX Strategist at JP Morgan.
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