AUD/USD chart - Trading View
Fundamental Overview:
Aussie remained bid despite weaker-than-expected China Q1 GDP. Renewed hopes for coronavirus treatment support the antipodeans.
STAT news report that Gilead Sciences experimental drug Remdesivir is seeing rapid recoveries in fever and respiratory symptoms associated with coronavirus.
On the data front, China registers first GDP contraction since 1992. Retail sales and industrial production for March also showed contraction.
Data released earlier on Friday showed that Q1 GDP contracted 6.8% in annualized terms versus expectations for a 6.5% decline.
Retail Sales tanked 15.8% y/y in March compared to expectations for a 10% decline. Industrial Production also contracted by 1.1% but bettered estimates of a 7.3% drop.