China’s GDP expands 6.3% YoY in Q2 vs. 7.3% expected

Dhwani Mehta FXStreet

According to the latest data published by the National Bureau of Statistics (NBS) on Monday, the Chinese economy grew 6.3% annually in the second quarter of this year, compared with a 4.5% growth seen in the first quarter while missing the 7.3% increase expected.

On a quarterly basis, China’s Gross Domestic Product (GDP) expanded 0.8% in Q2 vs. 0.5% expected and 2.2% previous.

China’s June Retail Sales YoY, rose 3.1% vs. +3.2% expected and +12.7% previous while the country’s Industrial Production came in at 4.4% YoY vs. 2.7% forecasts and 3.5% prior.

Meanwhile, the Fixed Asset Investment increased 3.8% YTD YoY in June vs 3.5% expected and 4.0% last.

Market reaction

The Australian Dollar is unperturbed by the mixed Chinese data releases, as AUD/USD is keeping its downside intact. The AUD/USD pair is losing 0.20% on the day to trade at 0.6819, as of writing.

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.

EUR/USD remains weak near 1.1800

EUR/USD rapidly fades Tuesday’s uptick and resumes its weekly retracement, challenging the 1.1800 support at the end of the NA session on Wednesday. The pair’s drop comes in response to extra gains in the US Dollar. Moving forward, the ECB meets on Thursday and is seen leaving its policy rate unchanged.

GBP/USD churns near 1.3700 ahead of BoE rate call

GBP/USD remains trapped in a near-term cycling pattern on Wednesday, continuing to churn aimlessly between 1.3700 and 1.3650. Cable traders are unlikely to pick a meaningful direction until after the Bank of England’s latest interest rate decision, due during Thursday’s London market session.

Gold drops back to test $4,900, faces rejection again above $5,000

Gold price changes course and drops to test $4,900 in the Asian session on Thursday, having tested offers once again above the $5,000 mark. The precious metal continues to battle intense volatility. Traders now weigh the next round of US economic signals and the broader demand for safe-haven assets.

Ethereum faces heavy distribution as price slips below average cost basis of investors

Ethereum extended its decline on Wednesday, dropping more than 5% over the past 24 hours toward the $2,100 level, which is below the $2,310 average cost basis or realized price of investors, according to CryptoQuant's data.

The AI mirror just turned on tech and nobody likes the reflection

Tech just got hit with a different kind of selloff. Not the usual rates tantrum, not a recession whisper, not even an earnings miss in the classic sense. This was the market staring into an AI mirror and recoiling at its reflection.

Ripple stabilizes amid mixed signals as ETF inflows resume despite low retail activity

Ripple hovers around the $1.60 pivotal level at the time of writing on Wednesday, reflecting stable but weak sentiment across the crypto market. Intense volatility triggered a brief sell-off on Tuesday, driving the remittance token to pick up liquidity at $1.53 before recovering to the current level.