- Despite an improvement in China’s economic landscape, AUD-USD found little leverage from the data
- China’s MNI Consumer Sentiment Indicator rose to 113.1 in November from 109.7
- This data builds on previously released data to reinforce Chinese consumers’ outlook
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The Australian Dollar did not offer a substantial move following the release of the MNI Consumer Sentiment Indicator for China. The confidence gauge rose 3 percent to 113.1 in November, offering one of the few encouraging avenues of data from the country recently. The improvement for domestic consumption adds weight to the Chinese government’s objective to shift growth to onshore sources, but manufacturing and trade are still key engines of growth for the economy and vital outlets for demand for trade partners.
Looking into the indicator’s details, all five categories of the report increased from the previous reading. Current personal and expected finances grew 2.6 percent and 2.8 percent respectively. Expectations for business conditions over the next twelve months swelled by 3.8 percent and conditions over the next five years inflated by 4.2 percent. Durable buying conditions increased by 1.3 percent.
Other data that was previously released during this month offers further encouragement for consumer sentiment. Retail sales for October beat the markets’ forecast of 10.9 percent growth with a reading of 11 percent. Meanwhile, the sense of wealth rose with real estate prices climbing according to government data last week and the Shanghai Composite up over 25 percent from its late-August low.