Weekly Cryptonews
The first part of the week was more than optimistic for Bitcoin. However, now it is going through the correction phase.
Chinese economy loses some steam as investment surge hits 18-year minimum
On Thursday, China posted a rare flurry of dismal data, including its slowest surge in investment in almost 18 years. It definitely suggests the world's number two economy is currently losing some momentum as borrowing costs go up.
Factory output along with retail sales ascended less than anticipated, although a rebound in property sales as well as construction starts will probably keep China's overall surge relatively firm and conveniently on target ahead of next month’s major leadership reshuffle.
Financial experts had widely expected China's August data to show industrial output as well as retail sales surge accelerated having faded moderately in July. Meanwhile, investment was observed as just marginally softer.
It would have gotten along with a pattern of stronger-than-expected outcomes from China in the first half of 2017 as well as positive surveys on August factory activity.
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RBNZ Meeting
The Reserve Bank of New Zealand will hold a meeting at 00:00 MT time on August 9.
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