Dollar back under US 69 cents ahead of China GDP figures

The Australian dollar has weakened ahead of the release of economic data from China.

The dollar slipped to a seven-year low over the weekend, US 68.31 cents, though recovered to be above US 69 cents yesterday.

Today at 7 am AEDT the local currency was trading at US 68.61 cents, with China’s quarterly GDP figures to be released today. The median estimate is that the GDP growth rate would be 6.8 per cent for the quarter, reports Reuters, down from the third quarter’s 6.8 per cent.

China’s December retail and industrial production statistics will also be released later today.