During the first quarter of 2012, Hong Kong ’s GDP increased by 3.2% up to $60,5 bn (y/y). If to consider inflation for the same period, the overall picture doesn’t look so bright any more: the increase was equal to 0.4%.
The manufacturing production index shrank by 1.6% over the same period. The producer price index for Hong Kong ’s industrial production increased by 3.6% (y/y). The manufacturers of beverages, cigarettes and foodstuffs were the biggest gainers in the sector. They managed to boost their production by 6.3%.
Forex.
According to the currency strategists of , USDCNY still hasn’t finished forming the same bullish wave of wave level Daily. At this point, the currency pair cannot decide on the direction of its further trend and is fluctuating within a price range, which is formed by sub-wave 5. The experts assume that in order to resume the uptrend, the currency pair will have to break above the high of the mentioned sub-wave, which is located at 6,3785. If this is the case, the rally will be continued through the “Hound of the Baskervilles” pattern by Elder/MF.
The current wave will be completed on breaking below 6.3453. in this case the currency pair will start forming a retracement of wave level Daily. The bears will get an opportunity to resume the long-term downtrend only when the price breaks and consolidates below 6,2882.
