FxWirePro: AUD/USD holds marginal gains, downbeat Chinese macro data fails to deter aussie bulls

AUD/USD chart - Trading View 

AUD/USD was trading marginally higher on the day, up 0.18% at 0.7699 at around 08:00 GMT.

Australian dollar remains bid despite downbeat Chinese macro economic data. The focus now remains on the Federal Reserve's decision later in the day for further impetus.

China’s May Retail Sales YoY, the number arrived at +12.4% vs. +13.6% expected and +17.7% last. 

The Industrial Production YoY printed at +8.8%, missing forecasts at +9.0% and compared to +9.8% last. 

Meanwhile, Fixed Asset Investment YoY stood at +15.4% vs. +16.9% expected and +19.9% last. 

Investors might have started pricing in the prospects for an earlier stimulus withdrawal amid worries about 

Concerns about rising inflationary pressure which were further fueled by Tuesday's hotter-than-expected US Producer Price Index raise prospects for an earlier stimulus withdrawal. 

markets remains cautious ahead of FOMC monetary policy meeting. Investors will be closely watching for clues about a possible change in the policy outlook.

Technical bias for the pair is tilted towards the bears. Strong support is seen around 0.7670 (nearly converged trendline and 110-EMA). Break below will drag the pair lower.