China’s GDP contracts 2.6% YoY in Q2 2022 vs. -1.5% expected, AUD/USD unfazed

China’s annualized GDP figures for the second quarter of 2022 arrived at 0.4% vs. 1.0% expected and 4.8% previous, with the QoQ reading coming in at -2.6% vs. -1.5% expected and 1.4% previous.

With regard to Retail Sales YoY for June, the number was 3.1% vs. 0% expected and -6.7% previous while Industrial Output YoY came in at 3.9% and 4.1% expected and 0.7% prior.

Meanwhile, the Fixed Asset Investment YoY stood at 6.1% in the reported month vs. 6.0% expected and 6.2% last.

Additional details

China H1 GDP +2.5% YoY.

China June nationwide survey-based jobless rate at 5.5%.

China June survey-based jobless rate in 31 major cities at 5.8%.

China’s economy created 6.54 mln new urban jobs in H1.

Market reaction

The mixed data had little to no impact on the Australian Dollar, with the AUD/USD pair keeping its range above 0.6750.

The spot was last seen trading at 0.6755, up 0.16% on the day.

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