AUD/USD: China Pressures Bulls Commitments - Westpac

AUD/USD: China Pressures Bulls Commitments - Westpac

Analysts at Westpac explained that the AUD/USD extended its multi-week decline, from 0.7300 late Friday Sydney to 0.7270 into the weekend.

Key Quotes:

"It opened the week even lower, dipping as low as 0.7237 after Saturday’s China data, in particular April industrial production, which printed at 6.0% y/y, down from 6.8% in March and the expected 6.5%."

"The fact that the PBoC felt the need to provide a Q&A to explain the weakness in April lending was also unsettling for AUD. The Aussie is now trading lows since Australia’s large upside surprise on Q4 GDP on 2 March."