Apple Inc is making a big push to attract mobile application developers in China, as it attempts to create new momentum in the key market. CEO Tim Cook on Tuesday visited the headquarters of bike-sharing service provider ofo Inc in Beijing, accompanied by ofo’s CEO Dai Wei.
GBPUSD continued its upward movement from 1.2109 and the rise extended to as high as 1.2494.
AUDUSD stays above 0.7663 support and remains in uptrend from 0.7490.
The free-spending younger generation is fueling China’s transition from an export-led economy to one driven by domestic consumption.
EURUSD failed to break below 1.0493 support and is now facing the channel resistance.
The Australian dollar is going to be in focus next week. Retail sales will be released on Monday while the Reserve Bank of Australia will be making a decision on interest rates a day later on Tuesday.
Both oil contracts have bounced back a little after Thursday’s sharp plunge. The all-time high crude stockpile levels in the US is the number one reason behind oil’s inability to move further higher in recent weeks.
The EURUSD pair fell during the Thursday session, testing the 1.05 level for support.
Inflation has made a dramatic return in the Eurozone. In February, the headline CPI measure rose to 2.0% year-over-year, accelerating from 1.8% in January.
Expansion in China’s manufacturing activity gained momentum in February as producers revved up output to meet an increase in new orders that were mainly bolstered by rapidly growing foreign demand, an industry survey sponsored by Caixin showed Wednesday.
