China’s stimulus helps ahead of tariff hike

Even though President Trump tweeted overnight that tariffs were having a “major effect” on the Chinese economy, the GDP numbers he referred to largely related to growth before tariffs were ramped up in May. What’s more, industrial production numbers were far better than anticipated. As NAB’s Rodrigo Catril explains to Phil Dobbie, this has helped the Aussie dollar become one of the best performing currencies overnight. Meanwhile, the NY Fed’s Empire survey showed a bounce back, offering some encouragement for the US economy, but a rate cut is still anticipated for the end of the month.

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