China State Bureau: COVID-19 outbreaks, floods hit consumption in August
|Having witnessed downbeat Industrial Production and Retail Sales growth during August, China State Bureau Spokesperson Fu Linghui said, per Reuters, “COVID-19 outbreaks, floods and a higher base of comparison hurt growth in China's retail sales in August.”
Read: China Retail Sales misses the mark by a mile, 2.5% vs 7% expected
The news also mentioned the diplomat saying that the main economic indicators, however, maintained fairly good growth and the economy was still in recovery adding that online consumption continued to be active.
Additional comments (per Reuters)
Unemployment rate of young people improved, indicates policy support is having effect.
Pressure on employment still exists however.
Market reaction
Given the cautiously optimistic comments, AUD/USD rebounds from the intraday low, also the lowest level in September following the news.
Read: AUD/USD refreshes monthly low around 0.7300 on softer China data, firmer USD
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.