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AUD/USD chart - Trading View
Data released by the National Bureau of Statistics (NBS) earlier on Monday showed China economy is under pressure.
China's factory output and retail sales growth slowed sharply and missed expectations in July.
Industrial production increased 6.4% YoY in July, against expectations for 7.8% growth and compared to 8.3% rise in June.
Retail sales increased 8.5% last month, missing forecast for a 11.5% increase and compared to June's 12.1% uptick.
Average new home prices in China's 70 major cities rose 0.3% in July from a month earlier, slowing from a 0.5% gain in June.
China's new home prices rose at the slowest pace in six months in July, as authorities further tightened rules to curb speculative moves in the property market.
Separate data showed property investment also rose at a slower pace in January-July period from a year earlier, amid tightened financing rules.
Property investment grew 12.7% in January-July period, versus 15% rise in the previous period. Fixed asset investment grew 10.3%, while private sector fixed-asset investment grew 13.4%.
Dismal data which exposes the nation's uneven recovery is causing analysts to scale down their third quarter growth estimates for China. The country expanded 7.9% YoY in the April-June quarter.
Poor data stokes expectations of a rate cut later this year from the People's Bank of China (PBOC) to support growth amid signs of increasing pressure on the economy.
Forex Implication:
USD/CNH: Largely unchanged at 6.4781
AUD/USD: Down 0.37% at 0.7341
NZD/USD: Down 0.14% at 0.7027
