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Stronger than expected Chinese data supports AUD

Published July 16, 2019

Author: Dennis Li

China’s economy grew at the slowest pace in 27 years, the quarterly growth reading of 1.6% in Q2 was ahead of forecasts along with stronger-than-expected Industrial output and retail sales data. According to the National Bureau of Statistics, the Chinese economic performance was generally stable and remained stable within a reasonable range.

Boris Johnson has reportedly ruled out a UK general election before Brexit and has pledged to leave the European Union by 31 October “do or die”. Polls place Johnson clearly in front, with the leader to be announced on July 23.

The AUD continued to hold recent gains overnight against the USD. Later today investors will keep eyes on RBA’s July meeting minutes before employment on Thursday and will also be looking to US retail sales and industrial production figures due later tonight and companies’ earnings for signs of how shoppers and businesses are weathering the slowdown. Inflation is on the low side, NZ has just come out with a quarterly CPI figure of 0.6%.