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Aussie higher supported by China’s Trade Balance figures

Thursday, Jul 13 2017
Aussie higher supported by China’s Trade Balance figures

The Australian and New Zealand dollars are up about 0.6%, gaining nearly twice as much as sterling. The risk-off sentiment, softer yields in the US and Europe, and strong Chinese import data are among the drivers.  The Australian dollar surged through the $0.7700 level to challenge a 15-month down trendline that is found near $0.7725. The high for the year was set in March at $0.7750. 

China reported a 17.2% year-over-year increase in imports. The median forecast in the Bloomberg survey was for a 14.5% pace after 14.8% in May. Exports rose 11.3%, up from May's 8.7%, and stronger than expected. The trade surplus rose by more than a third from a year ago to $42.8 bln. China's surplus with the EU is 60% larger at $11.4 bln, while the trade surplus with the US is nearly 90% larger at $25.4 bln. 

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