The Australian dollar fell slightly against the other major currencies in the late Asian session on Wednesday, following a slew of disappointing china data.
Data from the National Bureau of Statistics showed that China’s annual growth in retail sales slowed to 10 percent in April from 10.2 percent in March. The annual growth rate slowed for the third straight month and came in below the expected increase of 10.4 percent.
Industrial output expanded 5.9 percent year-on-year in April, slightly weaker than a 6 percent rise forecast by economists. But, it was faster than March’s 5.6 percent increase.
The Australian dollar fell to 0.9574 against the Canadian dollar, from an early high of 0.9609.
Pulling away from an early near 6-month high of 1.0882 against the NZ dollar, near a 2-week high of 1.4011 against the euro, a 2-week high of 95.93 against the yen and a 1-week high of 0.8009 against the U.S. dollar, the aussie edged down to 1.0778, 1.4119, 95.49 and 0.7963, respectively.
If the aussie extends its downtrend, it is likely to find support around 0.94 against the loonie, 1.04 against the kiwi, 1.45 against the euro, 92.50 against the yen and 0.77 against the greenback.
The material has been provided by InstaForex Company – www.instaforex.com