China’s April retail sales YoY, the number arrived at +7.2% vs. +8.6% expected and +8.7% last, with industrial output YoY at +5.4% and +6.5% expected and +8.5% last. Meanwhile, urban investment YoY stood at 6.1% vs. +6.4% expected and +6.3% last. The downbeat data served had a negative impact on the Australian Dollar, driving the AUD/USD pair to fresh 4.5 month lows at 0.6924, with AUD/JPY revisited daily lows at 78.88 levels. (full story)

China macroeconomic data released soon before press time missed estimates, sending AUD/USD down to 0.6923, the lowest level since January 3. The consumer spending, as represented by retail sales, rose 7.2% in April, missing the expected rise of 8.6%. Retail sales had risen by 8.7% in March. Meanwhile, industrial production rose 5.4% in April, having registered 8.5% growth in March. The markets were expecting a print of 6.5%. The below-forecast industrial production and retail sales number confirms the world’s second largest economy lost steam in April and pours cold water optimism generated by the rebound observed in ... (full story)

NZD/USD printed fresh intra-day low surrounding 0.6565 after China’s April month data added worries for the antipodeans during the initial Asian session on Wednesday. China’s retail sales (YoY) grew below 8.6% forecast and 8.7% prior to 7.2% whereas industrial production also disappointed commodity buyers with 5.4% growth versus 6.5% market consensus and 8.5% previous readout. Moving on, fixed asset investment rose 6.4% from 6.3% on year to date YoY format. Even if the US President Donald Trump’s tweets tried assuring the global investors that Washington and Beijing are friends, news reports from China’s Global Times ... (full story)