Sunday, January 13, 2013

Forex - AUD/USD lower despite decent Chinese data - The Australian dollar drifted lower against its U.S. rival on Friday in Asia despite opening the session modestly higher. 

In Asian trading Friday, AUD/USD was lower by 0.18% at 1.0579. The pair was likely to find support at 1.0494, the session low and resistance at 1.0586, the high of December 12. 

AUD/USD jumped during Thursday’s U.S. session after official data showed that China’s trade surplus widened unexpectedly in December, adding to signs of recovery in the world’s second largest economy.

Chinese exports rose 14.1% in December from a year earlier while imports increased by 6%. China is the top destination for Australian exports. 

More economic news out of China, the world’s second-largest economy, could not spur the Aussie higher against the greenback today. Producer price inflation in China rose less-than-expected last month, official data showed on Friday.

No comments:

Post a Comment