China's GDP growth slows to 6% in Q3 while Industrial Production betters estimates, AUD keeps gains

Omkar Godbole FXStreet Contributor

China's economy slowed sharply in the third quarter, courtesy of the trade tensions with the US, the official data released at 02:00 GMT showed.

The annualized third-quarter gross domestic product (GDP) came in at 6%, missing the forecasted print of 6.1% and down from the preceding quarter's GDP of 6.2%.

However, the Industrial Production rose 5.8% year-on-year in September, beating the forecasted figure of 5% by a big margin. The preceding month's figure has been left unrevised at 4.4%.

Meanwhile, consumer spending, as represented by Retail Sales, rose 7.8% year-on-year in September, as expected.

The AUD/USD pair is holding on to gains despite the dismal GDP reading, possibly due to the bigger-than-expected rebound in the Industrial Production.

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

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