When will China's quarterly GDP be released and what impact might it have on the AUD/USD exchange rate?
China’s Quarterly GDP: Key Insights
The National Bureau of Statistics (NBS) of China is set to release its latest figures at 02:00 GMT on Thursday. Projections indicate that China’s GDP will rise by 1.3% in the first quarter, slightly higher than the 1.2% growth recorded in the previous quarter. On a yearly basis, the economy is anticipated to expand by 4.8%, up from the earlier 4.5% increase.
Gross Domestic Product (GDP) reflects the overall market value of all goods and services produced within China over a specific timeframe. As the primary indicator of the nation’s economic performance, GDP is closely monitored by analysts and policymakers.
In addition, March’s Retail Sales are predicted to climb by 2.3% year-on-year, a slight decrease from the prior 2.8% growth. Industrial Production is forecast to advance by 5.5% over the same period, compared to a 6.3% increase previously.
Potential Impact on AUD/USD
The AUD/USD currency pair is showing strength ahead of China’s upcoming GDP, Retail Sales, and Industrial Production announcements. The Australian Dollar is gaining ground as the US Dollar softens, partly due to renewed hopes for a ceasefire between the US and Iran.
Should the Chinese economic data surpass expectations, the Australian Dollar could see further appreciation. The initial resistance is near the March 11 peak at 0.7187, followed by the psychological barrier at 0.7200, and then the August 29, 2024 high at 0.6824.
On the other hand, if the pair declines, support may be found at the April 10 low of 0.7054. A deeper pullback could bring the 0.7000 psychological level into focus, with additional support at the 100-day Exponential Moving Average (EMA) of 0.6900.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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