Weaker Chinese Data Weighs on Risk FX

Chinese economic numbers printed weaker across the board triggering a selloff in high beta currencies as worries over the potential slowdown in global growth resurfaced in the market. Chinese GDP for Q2 came in at 10.3% versus 10.5% forecast – more than a full point lower than last year’s number of 11.9%. Retail Sales also missed their mark printing at 18.3% versus 18.8% expected. The pace of growth in Industrial Production slowed as well to 13.7% from 15.2% forecast.