The post China’s October Retail Sales beat estimates, Industrial Production disappoints appeared on BitcoinEthereumNews.com.

China’s October Retail Sales increased 4.8% YoY vs. 3.8% expected and 3.2% in September, while the country’s Industrial Production rose 5.3% YoY in the same period vs. 5.6% estimated and 5.4% registered previously. Meanwhile, the Fixed Asset Investment came in at 3.4% YTD YoY in October, matching the expected 3.5% print. The September reading was 3.4%. China’s National Bureau of Statistics (NBS) released the official data on Friday. AUD/USD reaction to Chinese data The mixed Chinese data dump fails to deter the Australian Dollar, with AUD/USD holding higher ground near 0.6560. The pair is up 0.09% on the day, as of writing. Australian Dollar FAQs One of the most significant factors for the Australian Dollar (AUD) is the level of interest rates set by the Reserve Bank of Australia (RBA). Because Australia is a resource-rich country another key driver is the price of its biggest export, Iron Ore. The health of the Chinese economy, its largest trading partner, is a factor, as well as inflation in Australia, its growth rate and Trade Balance. Market sentiment – whether investors are taking on more risky assets (risk-on) or seeking safe-havens (risk-off) – is also a factor, with risk-on positive for AUD. The Reserve Bank of Australia (RBA) influences the Australian Dollar (AUD) by setting the level of interest rates that Australian banks can lend to each other. This influences the level of interest rates in the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3% by adjusting interest rates up or down. Relatively high interest rates compared to other major central banks support the AUD, and the opposite for relatively low. The RBA can also use quantitative easing and tightening to influence credit conditions, with the former AUD-negative and the latter AUD-positive. China is Australia’s largest trading…

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Filed under: News - @ November 15, 2024 2:17 am