On Tuesday, China published several rather weak statistical reports and made the AUD/USD pair update its four months’ “bottom”.
The Australian Dollar is falling against the USD on Tuesday morning. The current quote for the instrument is 0.7631.
In the morning, China reported on September readings of some macroeconomic indicators. These reports, individually and combined, didn’t make investors happy.
The Industrial Production in China was only 6.2% y/y in September after being 6.6% y/y in August and against the expected reading of 6.3% y/y. The Fixed Asset Investment (YTD) expanded up to 7.3% y/y, just as expected. By the way, the August numbers were more optimistic and promising.
The Retail Sales in China expanded by 10% y/y, which is worse than both previous and expected readings. Nevertheless, the reading published today is still better than estimations of the Chinese Academy of Social Sciences, according to which the indicator is expected to increase only by 9.5% y/y.
There are other pieces of news, which are against the Aussie. Some senators are forced to resign due to their double citizenship – yesterday there was the second time it happened. In addition to that, the NAB Business Confidence in Australia remained the same, 8 points, in October. The components of the report show that there are improvements in business conditions, but they failed to provide support to the indicator.
RoboForex Analytical Department
Forecasts presented in this section only reflect the author’s private opinion and should not be considered as guidance for trading. RoboForex bears no responsibility for trading results based on trading recommendations described in these analytical reviews.