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."
