The Australian Dollar (AUD) remains steady against the US Dollar (USD) following the release of China's economic data on Monday. Additionally, the AUD/USD pair gained ground as the US Dollar (USD) edges lower ahead of Retail Sales data release later in the North American session.
China's retail sales grew by 4% year-over-year in January-February, improving from December's 3.7% increase. Meanwhile, industrial production rose 5.9% YoY during the same period, exceeding the 5.3% forecast but slightly lower than the previous reading of 6.2%.
The AUD could gain ground as China unveiled a special action plan over the weekend to revive consumption, lifting market sentiment across the region.
The plan includes measures to increase wages, boost household spending, and stabilize stock and real estate markets. Any positive developments surrounding the Chinese stimulus plan could boost the Australian Dollar, as China is a major trading partner to Australia.
Source: FXStreet
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