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AUD/USD Must Stay Above 0.7400 to Preserve Upside Bias
China’s GDP q/y fell from 18.3% to 7.9% (versus consensus of 8.0%), indicating a slowdown of the Chinese economy’s recovery from the pandemic. China is Australia’s biggest market, and the downbeat GDP data did enough to suppress bullish sentiment on the pair. Earlier, Australian employment data showed that the economy only added 29.1K jobs, a far cry from the 115.2K jobs added a month earlier. This number dampened sentiment around the employment figures, despite a reduction in the unemployment rate from 8.8% to 8.3%. Even at that, the fall in the unemployment rate did not meet market expectations of 7.8%. ... (full story)