China up for curbing steel exports as costlier raw materials trim Industrial Profits
Having witnessed a fourth consecutive month of declining Industrial Profits, 20% YoY versus 36.4% prior in June, chatters over Chinese authorities’ further tightening of steel exports gain momentum.
“In the first half of 2021, industrial firms' profits grew a hefty 66.9% from a pandemic-induced slump in the same period a year earlier. Profits in January-June increased 45.5% from the same period in 2019, before the global pandemic started,” said Reuters.
AUD/USD extends bounce off intraday low
As Australia heavily depends upon metal exports to China, the good news for commodities helped AUD/USD to lick its wounds around 0.7380. Even so, the coronavirus resurgence, backed by Delta variant, in the country probe the buyers.
Author
Anil Panchal
FXStreet
Anil Panchal has nearly 15 years of experience in tracking financial markets. With a keen interest in macroeconomics, Anil aptly tracks global news/updates and stays well-informed about the global financial moves and their implications.
