The AUD/USD pair is getting more expensive on Friday morning under the influence of the Chinese statistics.
On Friday morning, the Australian Dollar is feeling quite well and strengthening a little bit against its American colleague. The current quote for the instrument is 0.7713. This week has been very volatile for the Aussie, although the strengthening of the Australian currency is not a very good signal for the economy of the country.
China is back to the statistical forefront. Today’s data showed that the Chinese GDP in the first quarter of 2016 was 6.7% y/y just as it was expected. The industrial production in March increased more than expected, 6.8% y/y against 5.9% y/y. On a month-on-month basis, the indicator strengthened as well, by 0.64%, which is twice as many as in February. Considering that in the last few years, the industrial production (the total output of the entire sector) in China tended to fall, today’s numbers look quite positive. Of course, they include a certain amount of the inflation risk, because the brisk growth if the industrial production may increase the inflation, but this issue is in the sidelines right now. We’ll have to check the April numbers to see if the tendency really exists.
Today, China published the statistics on retails sales in March. The indicator increased by 10.5% y/y against 10.2% y/y in January and February. Taking into account that in February China celebrated New Year holidays, which usually set the stage for extraordinary customer demand, the March numbers seem quite good.
Such good reports from China are very positive for Australia, because China is the Australia’s most important trade and economic partner. It is in order that the Aussie is getting more expensive, but in the late afternoon, one may possibly fix weekly profit in the AU/USD pair.
RoboForex Analytical Department
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