The weak Chinese economy puts pressure on the Australian dollar
As S&P Global Ratings reports, the 2023 forecast for China's GDP growth rate has been downgraded from 5.5% to 5.2%. This is due to May data showing a slowdown in China's economy. The country's slower economic growth rate is bad news for Australia, for whom China is its main trading partner. This is putting pressure on the AUD/USD pair.
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