China’s GDP contracts 6.8% YoY in Q1 vs. -6.5% expected, AUD/USD little changed

  • China’s GDP arrives at -6.8% YoY in Q1, meets expectations.
  • China’s March Retail Sales disappoint, Industrial Production beat estimates.
  • AUD/USD pays little heed to the mixed Chinese data dump.

China's economy contracted sharply in the first quarter due to the coronavirus outbreak led economic disruptions, the official data released at 02:00 GMT showed. 

The economy marked its first quarterly decline on record in the first three months of 2020.

The annualized first-quarter gross domestic product (GDP) came in at -6.8%, missing the forecasted print of -6.5% and down from the previous quarter's GDP of +6.0%. 

Inter-quarter, China’s GDP arrived at -9.8% in Q1 vs. -9.9% expected and +1.5% previous.

China’s March Retail Sales YoY, the number arrived at -15.8% vs. -10.0% expected and -20.5% last, with Industrial Output YoY at -1.1% and -7.3% expected and -13.5% last. 

Meanwhile, Fixed Asset Investment YoY stood at -16.1% in March vs. -15.1% expected and -24.5% last. 

AUD/USD reaction

AUD/USD pays little heed to downbeat China's Q1 GDP and mixed activity numbers for March, as it holds the higher ground near 0.6375 region, helped by broad-based US dollar weakness and the upbeat market mood.

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.

Feed news

Latest Forex News

Latest Forex News

Editors’ Picks

EUR/USD stays directed towards 1.1230 inside weekly falling channel

EUR/USD struggles to keep the latest rebound from 1.1266 around the support-turned-resistance line during the initial Asian session on Tuesday. The major currency pair stays inside a nearby descending trend channel formation around 1.1285.


GBP/USD hovers around 1.3250 as bulls doubt Brexit, BOE positives

GBP/USD treads water around 1.3255-60 during the early Asian session on Tuesday, following a positive daily performance. The cable pair fades the recovery strength as sluggish market sentiment and a lack of major catalysts challenge the buyers’ previous optimism surrounding Brexit and the Bank of England’s (BOE) next move.


Gold perking up in Asia, $1,795 is key

Gold was consolidated on Monday and ended slightly lower. The price in Asia is perking up by 0.16% on the day so far and straddles the $1,780 mark between a low of $1,778.59 and $1,782.04. The easing concerns of the potential economic impact of Omicron did little to support gold.

Gold News

Solana price to drop another 50% as SOL looks for support

Solana price falls below the daily Ichimoku Cloud with the Chikou Span below the candlesticks and in open space – prime positioning for a start to a bear market. However, the true extent of how bearish Solana's future price behavior could be is represented best on a Point and Figure chart.

Read more

Cyber Monday 2021 Discounts!

Glued to your trading screen on Cyber Monday? Upgrade your skills by signing up for FXStreet’s Premium service, offered at a discount of up to 50%. Fellow traders have already taken advantage of Black Friday profits. What about you? 

Subscribe now!