0.6%: China’s Retail Sales miss expectations in July
China’s Retail Sales rose 0.6% year-over-year (YoY) in July vs. A rise of 1.5% expected and a 1.0% growth in June, the latest data released by the National Bureau of Statistics (NBS) showed Monday.
China's retail sales grew by 0.6% year-over-year in July, falling short of the anticipated increase of 1.5%. June saw a 1.0% growth. Industrial production increased 4.5% YoY, below the forecasted 5.0% and the previous 5.3%. Fixed asset investment in July was -6.7% YoY, less than the expected 6.2% decline, with June experiencing a 5.7% decrease.
The weak Chinese economic data does not significantly affect the Australian Dollar (AUD), which remained stronger against the US Dollar (USD) at 0.7120. The RBA's interest rate decisions influence the AUD, with higher rates supporting the currency. China's economic health is crucial for the AUD due to its large trading relationship, impacting demand for raw materials and goods.
Iron Ore prices, Australia's largest export, also affect the AUD, as higher prices boost the currency. The Trade Balance is another factor, with a positive figure strengthening the AUD. The GBP/USD pair rose towards a three-month high, while the EUR/USD climbed against the US Dollar due to weaker-than-expected US economic data. Gold gained some ground, but remained below its recent peak.
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