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.
"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."