Australian Dollar mixed after China data

April 16, 2021 - 1 month ago
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After displaying bullish traction earlier this week, the Australian Dollar was rather subdued on Friday, even after releasing China’s top-tier data.

China’s Q1 GDP came out on forecast at 18.3% before 6.5%.

The Industrial Production weakened to 14.1% versus 18.3% expected and 35.1% previous readouts in March.

However, Retail Sales improved to 34.2%, missing the market consensus of 28.0% previous month release was 33.8%.

The unemployment rate improved to 5.3% from 5.5% last month.

Meanwhile, back home, the Australian Bureau of Statistics released better-than-expected March employment figures on Thursday.

The Employment Change passed the 35.2K forecast and inked in a 70.7K, while the Unemployment Rate may step back from 5.8% to 5.6%.

Full time employment -20.8k s/adj, while participation rate +66.3 pct, s/adj.

At present, technically, a New York close beneath the US$0.7695 would reinstate the bearish sentiment.

However, a New York close above US$0.7745, would in the short-term, envisaged another upward squeeze to challenge the resistance at US$0.7770-80. Reassess from there.

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