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.
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. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.