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China's Trade Balance data beats market forecasts

Wednesday, Jan 13 2016
In Yuan terms, China’s Trade Balance beat the 338.80b billion estimate coming in at a surplus of 382.05 billion. This is an expansion from November’s 343.10 billion surplus. Exports gained 2.3 percent (YoY) compared to the -4.1 percent forecast. This marks the largest increase since February 2015. At the same time, China’s imports declined 4.0 percent (YoY) versus the 7.9 percent forecasted contraction, marking the smallest loss in one year. This also marks the third consecutive month in which imports improved prior to the last month.
 The more closely watched Dollar-based figures also beat estimates. The anticipated decrease from November’s positive $54.10 billion balance to the $51.30 billion consensus forecast was met with an expansion of $60.09 billion. Exports dropped less than expected at a 1.4 percent rate (versus –8.0 percent anticipated) while imports dropped 7.6 percent (against -11.0 percent projected).
 
Aussie is currently being traded around 0.7020 area. Pair is likely to find support around 0.6940 handle and resistance above 0.7080 level. Later today, in the US session, Crude Oil Inventories figures are scheduled for a release.
 
 
Source: DailyFx
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