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China Daily Mail

China Daily Mail

The Australian and New Zealand dollars beat a hasty retreat on Friday after data showed China’s economy grew at its weakest pace in nearly three years in the first quarter, confounding rumours of an upside surprise.

China reported GDP growth of 8.1 percent yr/yr in the first quarter, below forecasts of 8.3% and way under the rumoured 9% that had spread through markets overnight.

China is Australia’s single biggest export market and developments there tend to affect the Aussie. Still, other data on Chinese retail sales and industrial output beat expectations.

The Aussie duly slid to a session low of $1.0390, from $1.0433 just before the data. Earlier, it reached a high of $1.0452, levels not seen since April 3.

The Aussie also lost ground on the yen, retreating to 84.31 from a one-week high of 84.63. Versus the kiwi, it fell to NZ$1.2542, from a session high of NZ$1.2612…

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