Positive news coming from China as China’s Q2 GDP came in at 3.2% YOY, narrowly beating forecast of 2.1%. Further more, this is a huge increase from the previous quarter GDP of -6.8%.
Key updates:
- June retails sales YOY at -1.8% (vs forecast of 0.3%)
- Inter quarter, China’s GDP came in at 11.5% in Q2 vs 9.6% forecast.
- Industrial Output YOY at +4.8% vs forecast at 4.4%.
- Fixed Asset Investment YOY at -3.1% vs forecast of -32%.
On the tail of this news, AUD/USD attempted for 0.700 but that remains uncertain factoring in the latest Covid updates as well as Sino American tension.
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