Never miss a story from Ilya Spivak

Subscribe to recieve updates on publications
Please enter valid First Name
Please fill out this field.
Please enter valid Last Name
Please fill out this field.
Please enter valid email
Please fill out this field.
Please select a country

I’d like to receive information from DailyFX and IG about trading opportunities and their products and services via email.

Please fill out this field.

Your Forecast Is Headed to Your Inbox

But don't just read our analysis - put it to the rest. Your forecast comes with a free demo account from our provider, IG, so you can try out trading with zero risk.

Your demo is preloaded with £10,000 virtual funds, which you can use to trade over 10,000 live global markets.

We'll email you login details shortly.

Learn More about Your Demo

You are subscribed to Ilya Spivak

You can manage your subscriptions by following the link in the footer of each email you will receive

An error occurred submitting your form.
Please try again later.

Talking Points:

  • China’s 1Q GDP growth rate registers at 6.9%, topping forecasts
  • Retail sales, industrial production figures outperform expectations
  • Australian Dollar gains but risk aversion may limit follow-through

A broadly upbeat set of Chinese data offered a boost to the Australian Dollar. The figures showed the world’s second-largest economy accelerated in the first quarter. The on-year GDP growth rate unexpectedly rose to 6.9 percent, the highest since the three third quarter of 2015.

Retail sales and industrial production figures also surprised on the upside. Receipts added 10.9 percent on-year in March, matching the prior month and heading off forecasts for a slowdown. Factory output grew at 7.6 percent over the same period, the fastest in over two years.

The Aussie often plays the role of proxy asset for Chinese economic trends because the East Asian giant is Australia’s top export partner, making developments there a key determinant of the latter country’s business cycle. Follow-through may be limited however as geopolitical jitters threaten the risk-sensitive currency.

What will drive AUD/USD price action this week? Join our outlook webinar to discuss it live!

Australian Dollar Gains on Upbeat Chinese Economic Data

Chart created using TradingView

--- Written by Ilya Spivak, Currency Strategist for DailyFX.com

To receive Ilya's analysis directly via email, please SIGN UP HERE

Contact and follow Ilya on Twitter: @IlyaSpivak