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AUD/JPY comes under pressure after soft Chinese economic data

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AUD/JPY to the lowest in nearly two weeks

AUD/JPY to the lowest in nearly two weeks

AUD/JPY is at the lowest since August 2 as it falls 30 pips in the aftermath of soft Chinese industrial and retail data.

Industrial output rose 6.4% y/y in July compared to 7.8% expected. Retail sales rose 8.5% y/y compared to 11.5% expected.

The disappointing data has compounded some early negative sentiment for AUD around softer commodity prices and lockdowns. AUD/JPY is now down 37 pips on the day to 80.36.

The pair is now within striking distance of the July low, which was the worst since February. The support level is 79.84 but the worst close was 80.43 and we’re below that now.

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