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China’s GDP expands 4.9% YoY in Q3 vs. +5.2% expected, AUD/USD battles 0.71

  • China’s GDP arrives at +4.9% YoY in Q3, misses expectations.
  • China’s September Retail Sales, Industrial Production beat estimates.
  • AUD/USD battles 0.71 on the mixed Chinese data dump.

China's economic recovery from the coronavirus pandemic-induced blow gathered steam in the third quarter of 2020, the official data released at 02:00 GMT showed. 

The annualized first-quarter gross domestic product (GDP) came in at +4.9%, missing the forecasted print of +5.2% while up from the previous quarter's GDP of +3.2%. 

Inter-quarter, China’s GDP arrived at +2.7% in Q3 vs. +3.2% expected and +11.5% previous.

China’s September Retail Sales YoY, the number arrived at +3.3% vs. +1.8% expected and +0.5% last, with Industrial Output YoY at +6.9% vs. +5.8% expected and +5.6% last. 

Meanwhile, Fixed Asset Investment YoY stood at +0.8% in Sept vs. +0.8% expected and -0.3% last. 

AUD/USD reaction

AUD/USD kept its range around 0.71 on downbeat China's Q3 GDP and upbeat activity numbers for September, underpinned by a better risk tone and the US dollar’s retreat.

Author

Dhwani Mehta

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.

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