Weaker-than-expected retail sales and industrial output growth in China weigh on market sentiment and AUD performance.
China’s retail sales grew 0.2% year-over-year in April, missing the 2.0% forecast and slowing from March’s 1.7% gain. Industrial production rose 4.1%, below the 5.9% estimate and March’s 5.7% increase, according to official data released Monday.
Fixed asset investment declined 1.6% year-to-date, contrasting with expectations of a 1.6% rise and March’s 1.7% growth. The data underscores persistent weakness in domestic demand and investment activity.
The Australian dollar, sensitive to Chinese economic trends, fell 0.33% to 0.7125 against the USD following the release.