Both the Australian and the New Zealand dollars are gaining ground against the greenback today. However, Chinese economic data is likely to keep these gains in check. AUD/USD rose by 0.64% to 0.6911 before briefly marking a high at 0.6911. The pair’s resistance level is currently at 0.7005.

The New Zealand Dollar traded the session 0.19% higher against the USD at 0.6464 touching a daily high at 0.6470. Short term support is at 0.6401 and resistance at 0.6521.

The USD gained against the Yen as China’s GDP numbers confirm Asia’s slowdown as a region. The Euro weakened by 0.18% to 1.0875 against the US Dollar while the British Pound inched up 0.4% to 1.4299. The US Dollar index as a whole remained mostly unchanged at 99.23.

China continues to lose momentum

The latest developments from China were released with its much-awaited gross domestic product (GDP) numbers today. The report indicated that GDP grew 1.6% in the fourth quarter, missing expectations of 1.7%. China’s GDP growth is still officially at 6.8% on an annual basis, though some analysts doubt official numbers.

Other reports indicated that Asia’s top economy saw production grow in December at an annualized rate of 5.9%, below market expectations of 6% as well as the previous month’s record of 6.2% growth.

Oil continues to top concerns

The continuing fall in oil prices counts among the primary concerns for investors, who expect the global economy to weaken further. This is exacerbated by the end of sanctions placed on Iran, which has propelled fears that the oil rout will continue for some time yet as Iran is committed to pumping more oil into the global market.