China Retail Sales and industry data sinks AUD/USD
|China has released April activity data including Retails Sales whereby the ongoing lockdowns are expected to weigh, with a consensus -6.6% for the year versus -3.5% in March.
The data arrived as follows:
"Retail sales in April shrank 11.1% year-on-year amid wider and stringent COVID-19 curbs on activity, after falling 3.5% in March. The figure was below analysts' expectations for a 6.1% drop," Reuters reported.
Meanwhile, the industry and construction are less affected by Covid lockdowns and the Industrial Production came in as follows:
"China's industrial output fell 2.9% in April from a year earlier, down sharply from a 5.0% increase in March, data from the National Bureau of Statistics showed on Monday, and weaker than 0.4% growth seen in a Reuters poll," Reuters reported.
AUD/USD had been attempting to move higher in the open this week but the bears were moving in ahead of the data:
Chinese data sinks AUD:
About the Chinese Retail Sales
The Retail Sales report released by the National Bureau of Statistics of China measures the total receipts of the retailed consumer goods. It reflects the total consumer goods that the various industries supply to the households and social groups through various channels. It is an important indicator to study the changes in the Chinese retail market and reflect the degree of economic prosperity. In general, A high reading is seen as a positive (or bullish) CNY, while a low reading is seen as a negative (or bearish) for CNY.
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