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AUD/USD gains after China Q1 GDP

The AUD/USD  is seen making several attempts to retest 2016 highs reached yesterday at 0.7737, although the bulls remain unimpressed by favourable Chinese GDP and industrial figures and hence, struggle to make further advances.

China said first quarter GDP rose 6.7% year-on-year, matching expectations, while industrial production for March rose 6.9%, better than the 5.9% gain seen year-on-year and retail sales increased 10.5%, beating the 10.4% expected year-on-year.

Overnight, the dollar moved back up toward two-and-a-half week highs against the other major currencies on Thursday, as investors shrugged off mixed U.S. economic reports.

Amid a lack of fresh incentives in the upcoming session, attention now shifts towards the US consumer sentiment, industrial production and Empire State manufacturing index due later in the NY session for fresh insights on the US economic recovery.


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