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Australian Dollar Drops Despite Upbeat Chinese GDP Data

Australian Dollar Drops Despite Upbeat Chinese GDP Data

2014-07-16 04:05:00
Rajyavardhan Pasari,
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Talking Points:

  • Chinese 2Q GDP Grew 7.5% y/y vs. 7.4% Expected, 7.4% in 1Q
  • Industrial Production +9.2% y/y, Retail Sales +12.4% y/y in June
  • Australian Dollar Declined Despite Upbeat Chinese GDP Results

The Australian Dollar fell despite the release of better-than-expected Chinese GDP figures. The Chinese Yuan (CNH) remained relatively unchanged. Output grew 7.5 percent year-on-year in the second quarter, which was better than the expected 7.4 percent result. Industrial Production also saw a pick up, expanding at 9.2 percent year-on-year in June to top the expected 9.0 percent increase. Retail Sales rose 12.4 percent year-on-year, slightly less than the markets’ anticipated 12.5 percent figure.

The newswires suggested the currency markets’ seemingly counter-intuitive response to the GDP dataset reflected skepticism about the continuity of growth built on the foundation of sharp credit expansion. Indeed, new loan growth accelerated to 89 percent year-on-year in June. Stimulus considerations were likewise cited, with investors apparently concerned that stronger output readings would mean expansionary policy measures would not be expanded.

Australian Dollar Drops Despite Upbeat Chinese GDP Data

AUDUSD [15 mins – 07/16/2014] Created using FXCM MarketScope.

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