China’s GDP contracts 6.8% YoY in Q1 vs. -6.5% expected, AUD/USD little changed
|- China’s GDP arrives at -6.8% YoY in Q1, meets expectations.
- China’s March Retail Sales disappoint, Industrial Production beat estimates.
- AUD/USD pays little heed to the mixed Chinese data dump.
China's economy contracted sharply in the first quarter due to the coronavirus outbreak led economic disruptions, the official data released at 02:00 GMT showed.
The economy marked its first quarterly decline on record in the first three months of 2020.
The annualized first-quarter gross domestic product (GDP) came in at -6.8%, missing the forecasted print of -6.5% and down from the previous quarter's GDP of +6.0%.
Inter-quarter, China’s GDP arrived at -9.8% in Q1 vs. -9.9% expected and +1.5% previous.
China’s March Retail Sales YoY, the number arrived at -15.8% vs. -10.0% expected and -20.5% last, with Industrial Output YoY at -1.1% and -7.3% expected and -13.5% last.
Meanwhile, Fixed Asset Investment YoY stood at -16.1% in March vs. -15.1% expected and -24.5% last.
AUD/USD reaction
AUD/USD pays little heed to downbeat China's Q1 GDP and mixed activity numbers for March, as it holds the higher ground near 0.6375 region, helped by broad-based US dollar weakness and the upbeat market mood.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.