China’s Jan-Feb data dump: Awful Retail Sales and Industrial Production numbers – Aussie unfazed
China’s January-February Retail Sales YoY, the number arrived at -20.5% vs. +0.8% exp and +8.0% last, with Industrial Output YoY at -13.5% and +1.5% exp and +6.9% last.
Meanwhile, Fixed Asset Investment YoY stood at -24.5% vs. +2.8% expected and +5.4% last.
Key points (via Reuters)
China's industrial output contracted at the sharpest pace in 30 years in the first two months of the year.
Urban investment and retail sales also fell sharply and for the first time on record.
Virus outbreak caused severe economic disruptions.
Could take months to normalise, fresh global worries weigh.
Impact on AUD/USD
The terrible Chinese macro numbers served, failed to deter the AUD bulls, as the AUD/USD pair extends its recovery mode from a new decade low sub-0.61. The spot now trades at 0.6136, down 0.80% on the day.
Author
FXStreet Team
FXStreet
