China’s GDP contracts 2.6% YoY in Q2 2022 vs. -1.5% expected, AUD/USD unfazed
China's annualized GDP figures for the second quarter of 2022 arrived at 0.4% vs. 1.0% expected and 4.8% previous, with the QoQ reading coming in at -2.6% vs. -1.5% expected and 1.4% previous.
With regard to Retail Sales YoY for June, the number was 3.1% vs. 0% expected and -6.7% previous while Industrial Output YoY came in at 3.9% and 4.1% expected and 0.7% prior.
Meanwhile, the Fixed Asset Investment YoY stood at 6.1% in the reported month vs. 6.0% expected and 6.2% last.
Additional details
China H1 GDP +2.5% YoY.
China June nationwide survey-based jobless rate at 5.5%.
China June survey-based jobless rate in 31 major cities at 5.8%.
China's economy created 6.54 mln new urban jobs in H1.
Market reaction
The mixed data had little to no impact on the Australian Dollar, with the AUD/USD pair keeping its range above 0.6750.
The spot was last seen trading at 0.6755, up 0.16% on the day.
Author
Dhwani Mehta
FXStreet
Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.
