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Fundamental Forex Analysis

Economy has not yet returned to normal level

Following the release of the May activity numbers, China’s National Bureau of Statistics (NBS) released a statement, via Reuters, expressing its take on the macro data.

“China’s economy has not yet returned to a normal level.”

“Domestic economy’s recovery still faces pressure.”

“External risks have clearly increased.”

“Whether the economic growth can turn positive in q2 depends on the economic recovery in June.”

“There is greater pressure on employment.”

“Unemployment for college graduates may continue to rise.”

“Pressures on employment cannot be ignored despite a slight fall in the jobless rate in May.”

“Expects consumer prices to stabilize and ease in the coming months.”

Market reaction

AUD/USD remains heavy on the above comments, consolidating the slide to 0.6779. The spot tanks 1.03% to trade at 0.6791, at the press time.

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