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Aussie sharply down after China's Trade Balance figures

Monday, Apr 13 2015
Exports tumbled 14.6% from the year-ago period, according to figures from the National Bureau of Statistics, which cited weak global demand and the impact of the lunar new year as factors behind the decline. Imports meanwhile slid 12.3%, a tad worse than the expected 11.7% fall and after diving 20.5 percent in the month before. The trade surplus for the month totaled $3.08 billion as a result, short of the $43.8 billion forecast. 
 
A bigger than expected slide in both March exports and imports have raised concerns about the prospects of the Chinese economy hitting its 7% GDP target later this week. All eyes are on the first-quarter gross domestic product figures, which are expected to show the world's second biggest economy growing 7.0% on year. Beijing has set 2015 growth target at "around 7%," after the economy grew 7.4% in 2014, the slowest pace in 24 years.
 
After the data Aussie was pushed sharply down and is currently being traded few points below 0.76 handle. Pair is likely to find support around 0.7550 level and resistance above 0.7650 area. There will be no major data releases in the rest of the session.
More in this category: « USD - Major events in the week ahead Sterling still in a downtrend »

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