Activity data from China for the month of May:
Industrial Production 6.8% y/y … miss
- expected 7.0%, prior was 7.0%
Industrial production YTD 6.9% y/y … beat
- expected 6.6%, prior was 6.9%
Fixed Assets (excluding rural) YTD 6.1% y/y … miss
- expected 7.0%, prior was 7.0%
Retail Sales 8.5% y/y … miss
- expected 9.6%, prior was 9.4%
Retail Sales YTD 9.5% y/y … miss
- expected 9.7%, prior was 9.7%
4 misses, 1 beat. So a report on the weaker side of expectations
Plenty of traders look at the China data and use it to trade AUD. AuD as a proxy for China. If you did that today you'd have to be concerned about two reports (Oz jobs report just out and this one) that are not great. Put the two together, gotta say not a positive for the AUD today from these.
