News Column

Australian Dollar Slides After China Data

July 15, 2014

CANBERA (Alliance News) - The Australian dollar weakened against most major currencies in the Asian session on Wednesday despite data showing expansion in China GDP in the second quarter.

The National Bureau of Statistics said that China's gross domestic product expanded 7.5% on year in the second quarter of 2014. That beat forecasts for 7.4%, which would have been unchanged from the previous three months.

Industrial production climbed 9.2% on year in June, topping forecasts for 9.0% and up from 8.8% in May.

Retail sales gained an annual 12.4%, shy of forecasts for 12.5% - which would have been unchanged from the May reading.

Fixed asset investment jumped 17.3% on year for the period of January to June. That beat expectations for 17.2%, which would have been unchanged from the period of January to May.

The Australian dollar fell to nearly a 2-week low of 0.9336 against the US dollar and a 5-day low of 94.77 against the yen, from early highs of 0.9373 and 95.30, respectively.

Against the euro and the Canadian dollar, the aussie slipped to 1.4526 and 1.0049 from early highs of 1.4473 and 1.0082, respectively.

The aussie may test support near 0.92 against the greenback, 94.63 against the yen, 1.46 against the euro and 0.99 against the loonie.

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Source: Alliance News

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