Corporate foreign exchange news

Published by Mark Smith-HalvorsenThe Australian dollar moved lower in trading this morning (July 15th) as traders reacted to the latest Chinese economic projections.Speaking to Reuters, forex dealers said that model-based trading funds had driven the Aussie lower despite relatively mild projections of an economic slowdown.Official figures showed that the Chinese economy's growth rate slowed to 10.3 per cent in the second quarter, down from 11.9 per cent in the first three months of the year."The data has attracted much attention but at the end of the day it wasn't far from market expectations. It showed the Chinese economy is slowing down, but that's what markets have been looking for," said Hideaki Inoue, manager of foreign exchange at Mitsubishi Trust and Banking Corp.Forex traders said the attention will now return to the strength of the US economy, with industrial production data due out today expected to show a decline for the first time in a year.For more information on foreign exchange treasury services and risk management, visit our Corporate FX site.