Chinese industrial production likely to have risen in August

China’s industrial production index has rebounded on year-on-year basis as compared to last year and has not gone unnoticed by the remainder of the global economy with industrial production and export growth rebounding throughout the globe. Therefore, when the Chinese industrial production index for August releases on Wednesday it might affect markets, noted Wells Fargo in a research report.

According to consensus expectations, the index is likely to have rebounded from 6.4 percent for the year ending in July to 6.6 percent year-on-year in August, a marginal rise but positive nonetheless. Meanwhile, consensus expects the index to have risen to 6.8 percent year-on-year in August.

Moreover, China’s retail sales for August are set to be released on Wednesday. According to markets, retail sales are expected to have risen slightly on a year-on-year basis from 10.4 percent in July to 10.5 percent in August.

At 22:00 GMT the FxWirePro's Hourly Strength Index of Chinese Yuan was highly bullish at 125.662, while the FxWirePro's Hourly Strength Index of US Dollar was neutral at -11.3351. For more details on FxWirePro's Currency Strength Index, visit http://www.fxwirepro.com/currencyindex

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