AUD/USD gains 0.4% to 0.6580 on strong Chinese economic data
AUD/USD rallied 0.4% to 0.6580, benefiting from upbeat Chinese economic indicators and broad US dollar weakness. China's Q2 GDP grew 5.2% year-over-year, exceeding the 5.0% forecast, while industrial production rose 6.8% versus 6.5% expected. Retail sales also impressed with 8.7% growth against 8.3% consensus. The positive data reinforces China's economic recovery narrative, directly supporting the Australian dollar given strong trade ties. Additionally, iron ore prices jumped 2.3% on improved Chinese demand outlook, further boosting AUD sentiment. Technical analysis shows the pair breaking above the 50-day moving average at 0.6565, with next resistance at 0.6600. The combination of dollar weakness and China optimism suggests potential for further gains, though traders remain cautious about RBA policy divergence with other major central banks. Support is established at 0.6550.
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