Bears are remaining cautious as China’s July Retail Sales and Industrial Production show a slight decline, with the AUDUSD trading at 0.64766.
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According to the latest data published by the National Bureau of Statistics (NBS) on Tuesday, China’s July Retail Sales rose 2.5% YoY vs. 4.8% expected and 3.1% previous while the country’s Industrial Production came in at 3.7% YoY vs. 4.5% estimated and 4.4% prior.
Meanwhile, the Fixed Asset Investment increased 3.4% YTD (Year-To-Date) YoY in July vs. market expectations of reprinting 3.8% figures.
Also read: PBOC cuts one-year MLF rates to 2.5% from 2.65%
Following the data, AUD/USD remains on the back foot around 0.6480, down 0.10% intraday while fading the previous day’s corrective bounce off the yearly low.
China’s National Bureau of Statistics (NBS) releases the Retail Sales and Industrial Production figures for a month after nearly two weeks from its end.
Retail Sales measures the total receipts of the retailed consumer goods. It reflects the total consumer goods that the various industries supply to the households and social groups through various channels. Further, Industrial Production shows the volume of production of Chinese Industries such as factories and manufacturing facilities. A surge in output is regarded as inflationary which would prompt the People’s Bank of China would tighten monetary policy and fiscal policy risk.
Generally speaking, high readings of the industrial production growth and Retail Sales may generate a positive sentiment (or bullish) for the CNY (Chinese Yuan), whereas a low reading is seen as negative (or Bearish) for the CNY.
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