The Australian dollar gained today due to the positive trade balance report from China. As of now, the currency has lost its gains versus the US dollar but continued to rally against the euro.
China’s trade surplus surged to $29.86 billion in March from $3.08 billion a year ago. While imports decreased, the decline was not as big as economists had been afraid of. Initially, the good news helped currencies linked to commodities and other risky assets. Yet currently, the sentiment has shifted in favor of the US dollar.
AUD/USD fell from 0.7682 to 0.7649 as of 15:35 GMT today after rising to 0.7715 earlier — the strongest rate since July 1. EUR/AUD declined from 1.4815 to 1.4747 following the 1.3% drop yesterday.
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