China's Trade Balance surplus rose to $33.9 billion
China's Trade Balance figures showed that overseas shipments fell 6.2 % from a year earlier in yuan value, missing predictions on 0.9% increase. Imports slid 16.1% -- the fourth straight double-digit decline -- leaving a trade surplus of 210.21 billion yuan ($33.9 billion). This was in line with market forecasts.
Stronger demand from a recovering U.S. economy is being offset by sluggishness in Europe and a slide in shipments to Japan, compounding challenges for a nation facing rising labor costs and a strong currency. The central bank has cut benchmark interest rates and banks’ reserve ratios twice in the last six months to cushion an economic slowdown.
After the data Aussie fell and is currently being traded few point above 0.7880 level. It is likely to find support at 0.78 handle and resistance above 0.7950 area. Later today, in the US session, NFP figures are scheduled for a release.
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