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AUD/USD digs to new lows on weak Chinese trade data

A new week and new suffering for the A$. This time, the  main driver is not the RBA (like last week, twice) but rather data that comes from the  world’s second largest economy and Australia’s No. 1 trade partner, China.

The economic giant report a drop of nearly 11% in imports y/y, more than double the early the expectations. This does not bode well for Australia, which still relies on exports to China. The bottom line trade  surplus came out higher than expected, but it’s not that exports advanced: they just fell less than imports, but still missed expectations.

In Australia, the ANZ Job Advertisements fell by 0.8%,  more than erasing a  small rise of 0.1% beforehand. But the Aussie did not need this insult to injury.

AUD/USD was under pressure in Asia and extended the falls in Europe.  The new low is 0.7334, after the pair dropped under support at 0.7375. Further support awaits at 0.7280 and 0.7220. Resistance awaits at 0.7440 and 0.75.

AUDUSD May 9 2016 falling down

More:  Scope For USD Shorts To Clear Further; Buy USD Vs GBP & CAD – RBS

Yohay Elam

Yohay Elam

Yohay Elam: Founder, Writer and Editor I have been into forex trading for over 5 years, and I share the experience that I have and the knowledge that I've accumulated. After taking a short course about forex. Like many forex traders, I've earned a significant share of my knowledge the hard way. Macroeconomics, the impact of news on the ever-moving currency markets and trading psychology have always fascinated me. Before founding Forex Crunch, I've worked as a programmer in various hi-tech companies. I have a B. Sc. in Computer Science from Ben Gurion University. Given this background, forex software has a relatively bigger share in the posts.