China's Industrial Production rose by 6% in May

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Monday, Jun 13 2016

China’s industrial production rose faster than expected in May, while retail sales and urban investment slowed unexpectedly, raising doubts about whether the world’s second largest economy is stabilizing after a disappointing first quarter. Retail sales, a measure of both private and government purchasing, rose 10% in May from a year earlier, Beijing’s National Bureau of Statistics reported Monday. That followed a 10.1% advance in April and median estimates calling for the same.

Factory output at manufacturing, mining, construction and utilities companies rose 6% from a year earlier following a similar advance in April. A median estimate of economists called for a gain of 5.9%. Meanwhile, China’s fixed-asset investment growth slowed sharply to 9.6% annually in the January to May period following a 10.5% advance in the four months through April. A median estimate of economists called for an increase of 10.5% annually.

Aussie is currently being traded few points above 0.7380 level. Pair is likely to find support around 0.7330 handle and resistance above 0.7450 level. There will be no major data releases later today.

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