AUD/JPY approaches weekly highs at 94.30 after a mix China’s economic data – by Sagar_Dua24 AUDJPY China GDP Inflation Employment
winds of the resurgence of Covid-19 that has grown fears of lockdown curbs by the Chinese administration to contain the pandemic. Therefore, an outperformance was not expected by the market participants.
China's Gross Domestic Product has remained vulnerable in the second quarter of CY2022. The quarterly GDP has landed at -2.6%, lower than the prior release of 1.3% and the expectations of -1.5%. Also, the annual figure has tumbled to 0.4% from the consensus and the former figure of 1% and 4.8% respectively. However, the Industrial Production data has improved to 3.9% vs. 0.7% reported previously but remains lower than the estimates of 4.1%.data remains upbeat.
The aussie bulls are performing stronger against yen after the release of the upbeat Australian employment data. The labor market in Australia has remained tight in June and the economy has reported an outperformance in employment generation. Also, the Unemployment Rate has slipped significantly to 3.5%.
On the Tokyo front, the economy is worried over its inability to drive the inflation rate higher. The plain-vanilla inflation rate has crossed 2%, however, the core Consumer Price Index is extremely poor, which indicates that the demand for durable goods is subdued. Apart from that, lower wage
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