China reported a sharp rise in the trade surplus in December, however, the positive data has failed to put a bid under the AUD/USD pair.
The currency pair ran peeped above 0.79 earlier today but ran into sellers at 0.7905. As of writing, AUD/USD is trading largely unchanged on the day at 0.7890 levels.
China exports (CNY terms) rose 10.8 percent in December, beating the estimate of 7.4 percent. Meanwhile, imports jumped 18.7 percent vs. forecast of 11.8 percent growth. This resulted in a trade surplus of CNY 287 billion (estimate: CNY 254 billion).
Aussie, despite being considered a proxy for China, has barely moved following the data release. The lackluster reaction could be due to overbought conditions as shown by the daily RSI.
Source : FX Street