The $AUDUSD pair pared back some of the losses it made on Monday morning after the weak Chinese economic data.
The pair rose to a high of 0.7011, which is slightly above last week’s low of 0.6832. It is hovering near the lowest level in July 2020.Data published on Monday revealed that the Chinese economy continued to plummet in April due to the ongoing lockdown in Shanghai. Retail sales, which are an important reading of consumer spending, declined by a massive 11.1% in April. This decline was lower than the median estimate of -6.1%.
These numbers show that the lockdowns have had a bad impact on the Chinese economy. This is notable sinceThe AUD/USD also reacted to the latest minutes by the Australian central bank. The minutes provided more color about the bank’s decision to hike interest rates earlier this month. The members also hinted that more rate hikes were on the way.
With the producer price index rising, there is a likelihood that industrial and manufacturing production declined in April. The pair will also likely react to the latest statement by Jerome Powell and Loretta Meister.On the 4H chart, we see that the AUD/USD pair has been in a bearish trend in the past few weeks.
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