China’s economic data for July has been released by the National Bureau of Statistics (NBS), showing a 2.7% year-on-year increase in Retail Sales compared to the expected 2.6%. Additionally, Industrial Production rose by 5.1% year-on-year, slightly below the forecasted 5.2%.
Fixed Asset Investment also saw a growth of 3.6% year-to-date compared to the expected 3.9%. These numbers indicate a mixed performance in China’s economy for the month of July.
Key Points to Note
July nationwide survey-based jobless rate in China stands at 5.2%.
Jobless rate in 31 major cities in China for July is reported at 5.3%.
Australian Dollar’s Response to Chinese Data
The Australian Dollar’s reaction to the mixed Chinese economic data has led to AUD/USD trading slightly lower, defending the 0.6600 level. The pair is currently up by 0.14% for the day.
Australian Dollar FAQs
Understanding the factors that influence the Australian Dollar (AUD) is crucial for investors. Factors such as interest rates set by the Reserve Bank of Australia, the price of key exports like Iron Ore, the health of the Chinese economy, inflation rates, and trade balance all play a significant role in determining the value of the AUD in the forex market.
Positive or negative surprises in Chinese economic data can directly impact the Australian Dollar, making it important for traders to stay informed about global economic trends.