China home prices ticked up 0.58% in August

The latest housing data published from the world’s second-largest economy, China, showed that the home prices remained almost unchanged on the month, adding to the China slowdown fears.

Key Details:

All China Aug new home prices +0.5% m/m.

All China Aug new home prices +8.8% y/y.

This marks the slowest increase since February.

A slew of government curbs and a broader slowdown in the economy have weighed on the property market.

The above bearish data adds to the ongoing selling momentum seen around the AUD/USD pair, as the prices breach the 0.6850 barrier following dovish RBA minutes.