More Poor Data For China: AUD/USD Tanks
There was yet another poor data point out of China this morning, with Industrial Production missing the mark badly.
Rowan Crosby•Wednesday, May 15, 2019•1 min read
There was yet another poor data point out of China this morning, with Industrial Production missing the mark badly.
We saw 5.4 % y/y versus the expected of 6.5% and a prior of 8.5%. So more of the same in terms of the direction.
Retail Sales was also weak at 7.2 % y/y versus the expected 8.6% and prior 8.7%.
These numbers are ugly with retail sales data as bad as we’ve seen since 2003.
Naturally, the AUD/USD fell away as a result and is now looking at a move into 0.6900.
Given the backdrop of the last few weeks and the US-China trade war battles, this is a timely reminder that the Chinese certainly do need the US, so perhaps they might be a little more forthcoming at the trade table if we continue to see this direction with the data points.
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Rowan Crosby
Asia-Pacific Analyst
Rowan Crosby is a professional futures trader from Sydney, Australia. Rowan has extensive experience trading commodities, bonds and equity futures in the Asian, European and US markets. Rowan holds a Bachelor of Finance and Economics degree and is focused heavily on Investment Finance and Quantitative Analysis.
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