China slows more, could the RBA minutes give the Aussie another hit?
The Aussie dollar is down again on softer GDP numbers from China. NAB’s Rodrigo Catril says China won’t hit the 5% target without target fiscal stimulus. The AUD could also be impacted by the RBA minutes today – a dovish slant could push it lower still.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Tuesday 18th July 2023
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There was further evidence of a slowdown in the Chinese economy in yesterday’s GDP print. NAB’s Rodrigo Catril says it reinforces the need for targeted fiscal measures to keep the economy on track for the target 5% annual growth. The Aussie moved down lower on the news and could take a further hit if the RBA minutes suggest a delay before they hike again. There was a sprinkling of US data that reinforced the soft-landing scenario, supported by words from Janet Yellen suggesting a recession won’t happen given the strong labour market, with more people returning to work.
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