Breaking: China’s GDP rebounds 3.2% YoY in Q2 vs. +2.1% expected, AUD/USD retakes 0.70

China’s GDP arrives at +3.2% YoY in Q2, meets expectations.
China’s March Retail Sales disappoint, Industrial Production beat estimates.
AUD/USD re-attempts 0.70 on the mixed Chinese data dump.

FXStreet Team FXStreet

China's economy saw an upturn in the second quarter post-coronavirus lockdown re-openings and expansion in the country’s manufacturing sector, the official data released at 02:00 GMT showed.

The annualized first-quarter gross domestic product (GDP) came in at +3.2%, beating the forecasted print of +2.1% and up from the previous quarter's GDP of -6.8%.

Inter-quarter, China’s GDP arrived at +11.5% in Q2 vs. +9.6% expected and -9.8% previous.

China’s June Retail Sales YoY, the number arrived at -1.8% vs. +0.3% expected and -2.8% last, with Industrial Output YoY at +4.8% and +4.4% expected and +4.4% last.

Meanwhile, Fixed Asset Investment YoY stood at -3.1% in June vs. -3.2% expected and -6.3% last.

AUD/USD reaction

AUD/USD re-attempted 0.70 on upbeat China's Q2 GDP and mixed activity numbers for June, although the further upside remains elusive amid US-Sino tensions and virus fears.

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