The Australian dollar rose as today’s trade data from China was generally well-received by Forex market participants, leading to fairly positive outlook for Australia’s economy that depends on trading with its Asian partner strongly.
The balance of China’s imports and exports resulted in the surplus of $31 billion in September. While the figure was below analysts’ expectations and the previous month’s reading, the excess more than doubled from the same period a year ago. Also, both imports and exports were bigger than was anticipate by experts, suggesting that the Chinese economy performs well.
AUD/USD rose from 0.8691 to 0.8742 as of 9:47 GMT today, bouncing from the daily low of 0.8652. AUD/JPY was up from 93.48 to 93.86 after touching 92.87 — the lowest rate since March 24.
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