Australian dollar slumps as China posts stable GDP output

Australian dollar slumps as China posts stable GDP output

On Monday, the Australian dollar tumbled ahead of China’s second quarter GDP supposed to set the overall tone for demand for commodities.

Tracking the US currency’s value versus a basket of key six currencies, the US dollar index declined 0.04%, trading at 94.86.  

China posted second quarter GDP surge with a profit of 1.7%, which generally matched expectations and a year-on-year leap of 6.9%, which came in moderately higher than the forecast 6.8%. Furthermore, China unveiled that the country’s industrial output added 7.6% in June from a year earlier, while retail sales tacked on 11% in the same month.

The currency pair AUD/USD showed 0.7823, slumping 0.09% with China a key trading partner for metal, energy as well as food commodities. Meanwhile, USD/JPY demonstrated 112.44, sinking 0.09%.

On Thursday, the ECB meeting will offer fresh clues on when the key bank will give up its ultra-easy policy. On Monday, Japanese markets aren’t available for a holiday.

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