AUD/USD penetrates an in-day low around 0.7195, down 0.25% on a day, following the release of China’s major economics during early Monday.
Adding to the mixed data, risk-off state and strong USD also sinks the market’s value.
Factors Affecting the Market
China’s last quarter GDP increased above 0.2% before and 1.1% estimates to 1.6% QoQ while the YoY numbers increased to 4.0% versus 3.6% expected and 4.9% last presentations.
Moving forward, Industrial production for last month (December) increased beyond 3.6% market agreement and 3.8% before to 4.3%. On the other hand, Retail Sales fell below 3.7% market estimates and 3.9% last reading to 1.7% during December.
The coronavirus anxieties and talks about the rate at which the Fed hikes contributed to the sinking of the pair price, majorly due to the perceived risk status.
While in Australia, the fourth successive day of reduced COVID infection was witnessed, with the latest recorded to be about 65,000. It should be noticed that New South Wales recorded the highest daily COVID-related deaths on Friday of 29 deaths, which recently reduced to 17 deaths.
The Australian health authorities are confident that NSW will witness more reduction in its COVID-19 hospitalization in the coming week, as the state figures track “fairer scenario” forecasted.
Going by the early signs of the stronger US Treasury yield and risk-off state, AUD/USD value is likely to continue being pressured, but a pale calendar for US bank holidays will restrain the market movement.
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