The Australian dollar has completed a drop of over 600 pips from the highs around resistance at 0.7840, opening the new trading week with a Sunday gap to 0.7244. While the pair managed to recover relatively quickly, there are reasons for weakness in the A$ in addition to the RBA’s one-two punch. China, Australia’s No. 1 trade partner, releases a big bulk of data over the weekend, and it was all red on the economic calendar. Industrial output advanced by 6% y/y, worse than 6.8% seen last time and 6.5% expected. This is the most critical figure for the Australian dollar as it is best correlated with the Australian metals that China consumers. Yet also the other figures fell short: Fixed asset investment advanced 10.5%, weaker than 11% expected and retail sales also missed with 10.1% against 10.6% predicted. So, China isn’t transitioning to consumption as quickly as desired. AUD/USD opened with a clear weekend gap at 0.7244 but recovered relatively quickly. The big fall could also be the result of low liquidity at the beginning of the week. Nevertheless, the pair isn’t going anywhere fast: it is not recapturing the round 0.73 level that it settled on during last week. More: RBA Not Finished Cutting Rates: Trading Renewed AUD Weakness – SocGen Yohay Elam Yohay Elam Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts. Yohay's Google Profile View All Post By Yohay Elam Forex News Today: Daily Trading News share Read Next What eFXnews can do for you [Video] Yohay Elam 6 years The Australian dollar has completed a drop of over 600 pips from the highs around resistance at 0.7840, opening the new trading week with a Sunday gap to 0.7244. While the pair managed to recover relatively quickly, there are reasons for weakness in the A$ in addition to the RBA's one-two punch. China, Australia's No. 1 trade partner, releases a big bulk of data over the weekend, and it was all red on the economic calendar. Industrial output advanced by 6% y/y, worse than 6.8% seen last time and 6.5% expected. This is the most critical figure for the Australian… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.