The Australian dollar is correcting against the US dollar after rising in July. The current AUDUSD quote is 0.6808.
The Australian dollar earlier hit a new high on 16 June this year, following which the market moved towards a correction.
Today’s statistics from China turned out to be mixed. The only report that exceeded the forecasts was an industrial production release for June. The indicator showed an increase of 4.4% y/y against the previous rise of 3.5% y/y. Other data came out inconsistent.
China’s GDP increased by 6.3% based on the Q2 2023 results, which is not bad compared to the previous reading of 4.5%. However, it was expected to grow by 7.1%. The volume of fixed asset investment was up 3.8% y/y, which is less than in May.
Retail sales in June returned to normal following a surge in May, while the unemployment rate remained unchanged at 5.2%.
Strong statistics from China usually provide support for AUD positions as China is considered Australia’s primary trading and economic partner. However, today’s reports are rather neutral: China is solving its internal problems but is doing it without haste.