China reports 10 new coronavirus cases in Mainland as of end-April 22 vs 30 a day earlier
Fundamental Forex Analysis

Retail Sales, Industrial Production disappoint – Aussie keeps losses

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.

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