AUD, NZD, CAD, EUR all lower after the disappointing China data

The data from China was a miss across the board:

• China April Industrial output 5.6% y/y (expected +10.9%) Retail sales 18.4% y/y (21.0%)

While an improvement from March the April data fell short of analyst central expectations.

AUD/USD (and others mentioned in the headline) dropped:

Prior to the data we got the RBA minutes, these barely moved the AUD:

• RBA May meeting minutes: Little room for upside risks to inflation
• AUD/USD little changed after the RBA minutes