China’s May data dump: Retail Sales, Industrial Production disappoint – Aussie keeps losses

Dhwani Mehta FXStreet

China’s May Retail Sales YoY, the number arrived at -2.8% vs. -2.0% exp and -7.5% last, with Industrial Output YoY at +4.4% and +5.0% exp and +3.9% last.

The sales fell for four straight months as shops, restaurants and other crowded places closed during the pandemic.

Meanwhile, Fixed Asset Investment YoY stood at -6.3% vs. -5.9% expected and -10.3% last.

China’s January-May private sector Fixed Asset Investment improved to -9.6% YoY.

Impact on AUD/USD

The downbeat Chinese macro numbers served, exerted fresh bearish pressure on the aussie dollar. The AUD/USD pair stalled its recovery mode near 0.6840 and eased to 0.6825 levels. The spot loses 0.50% on a daily basis.

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.

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