China's Industrial Production matched the weakest gain since 2008
China’s industrial output matched the weakest gain since the global credit crisis last month, while retail sales accelerated, underscoring a shift in the economy toward greater reliance on consumer spending as old growth engines falter. Industrial output rose 5.6% in October from a year earlier, missing forecasts on 5.9% growth and matching January through March’s reading which was the weakest since 2008.
Fixed-asset investment increased 10.2% in the first 10 months -- the slowest pace since 2000 -- while retail sales climbed 11% in October, the quickest gain this year. A detailed look at the output of China’s key products underscores the weakness facing heavy industry: Crude steel output fell 3.1% from a year earlier, cement dropped 3.5%, coal output fell 1.2% while coking coal slumped 9.4%.
Aussie is currently being traded around 0.7050 level. Pair is likely to find support around 0.70 area and resistance above 0.71 level. There will be no major data releases in the rest of the session.
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