4:53 PM
The AUD was "crushed" by the Chinese GDP
Forex Trading |News Daily Update |FXTM Online Analysis Department.
On Wednesday morning, the AUD/USD pair is trading on the downside after the publication of ambiguous reports on the Chinese economy.
The Australian dollar has bad luck again. The AUD/USD pair has just stabilized after a decline and then a new surprise came.
China has published statistics on GDP growth in the first quarter of 2015. According to the data, the economy expanded by 7%, which is broadly in line with expectations. All would be well, but this is clearly below the GDP data for the fourth quarter of last year and the minimum for the last six years. Now, apparently, talk about the slowing of the Chinese economy will have a continuation.
Industrial production in China in January-March increased by 6.4% y/y. Specifically, in March the index added 5.6%, which is below the levels in January and February (6.8%). Retail sales in China in March increased by 10.2%, with the growth forecast of 10.9%.
China usually publishes statistics as units, and it always provokes the market with very sharp movements. A little earlier, figures came out on the mood of Chinese consumers, which in April became worse. The indicator went down to -3.2% against the previous value of -1.2%.
The AUD/USD pair did not break through 0.7575, which means that investors were ready for weak reports. However throughout the day a possibility of a further decline still remains.
The Australian dollar has bad luck again. The AUD/USD pair has just stabilized after a decline and then a new surprise came.
China has published statistics on GDP growth in the first quarter of 2015. According to the data, the economy expanded by 7%, which is broadly in line with expectations. All would be well, but this is clearly below the GDP data for the fourth quarter of last year and the minimum for the last six years. Now, apparently, talk about the slowing of the Chinese economy will have a continuation.
Industrial production in China in January-March increased by 6.4% y/y. Specifically, in March the index added 5.6%, which is below the levels in January and February (6.8%). Retail sales in China in March increased by 10.2%, with the growth forecast of 10.9%.
China usually publishes statistics as units, and it always provokes the market with very sharp movements. A little earlier, figures came out on the mood of Chinese consumers, which in April became worse. The indicator went down to -3.2% against the previous value of -1.2%.
The AUD/USD pair did not break through 0.7575, which means that investors were ready for weak reports. However throughout the day a possibility of a further decline still remains.
Forex Trading |News Daily Update |FXTM Online Analysis Department.
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