The complex statistics from China provided no support for the Aussie; the AUD/USD growth potential is limited.
On Wednesday morning, the Australian Dollar is falling in the pair with the USD, although it tried to continue yesterday’s rise during the Asian session. However, investors have no more strengths for buying. The current quote for the instrument is 0.7662.
The latest Chinese statistics was rather complicated. The country’s GDP in the third quarter added 1.8% q/q (+6.7% y/y), just as expected. When commenting this data, government officials said that the Chinese economic system continued its active development and the prospects were estimated as positive. On the one hand, it’s good, but the GDP rate growth is still not enough for implementation of China’s own tasks.
Retails sales in China in September increased by 10.7% y/y, which is better than the predicted number of 10.6% y/y. There were sold more cars and construction materials.
However, the industrial production last month increased only by 6.1% y/y – it’s worse than predicted and worse than the number in August (6.3% y/y).
It’s quite clear that China continues spending money at the national level, but the amount of investments are reducing as well as export numbers. Together, all this give us a rather complicated picture of reality. The way the Australian Dollar responds to such statistics is quite clear: if there are no conclusions at all, there will be no reason for joy.
RoboForex Analytical Department
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