The Australian dollar halted its impressive rally today, falling 1 percent against the Japanese yen, after the release of China’s trade data. Positive domestic data was unable to aid the Australian currency.
China’s imports sank 17.7 percent in September from a year ago, worse than market participants had anticipated. The Asian nation is the biggest trading partner of Australia, making its economic performance have a big impact on the Aussie. Meanwhile, National Australia Bank reported that the business confidence index improved by 4 points to 5 last month, but this did little to help the Aussie.
AUD/USD sank from 0.7359 to 0.7302 and AUD/JPY tumbled from 88.33 to 87.41 as of 10:20 GMT today.
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