DJIA39807.37
LIVE47.29(0.12%)
NDX18254.69
LIVE-26.15(-0.14%)

AUD/USD Keeps Losses Despite Big Beat on China Exports


Monday, 10 June 2019 09:22 WIB

DOLLARAussieDollar Australia,AUD/USD,


AUD/USD is struggling to gain ground despite the above-forecast China exports data. The currency pair is currently trading at 0.6982, having hit a session low of 0.6979 soon before press time.

China's exports rose 7.7% year-on-year in CNY terms in May, beating the expected rise of 4.7% by a big margin. Meanwhile, imports, a barometer of domestic demand, fell 2.5%, missing the expected increase of 5.8% and down significantly from the 10.3% rise registered in April. As a result, the trade surplus ticked higher to CNY 279.100 billion from 93.57 billion.

In US Dollar terms, exports rose at 1.1% year-on-year, while imports dipped 8.5%, yielding a trade surplus $41.65 billion.

An uptick in China's exports indicates the global demand conditions are holding up well despite the escalating trade tensions. However, the domestic demand in China is weakening, meaning consumer spending may not be able to compensate for the decline in international trade and the nation could witness a deeper economic slowdown in the near future.

As a result, the riskier assets may come under pressure during the day ahead, pushing the AUD to fresh session lows below 0.6979. So far, however, the futures on the S&P 500 have remained bid with a 0.30 percent gain. Gold prices, however, have retreated sharply to $1,330 from 14-month highs above $1,345 hit on Friday. The American Dollar, therefore, will likely remain bid across the board.

Source : FX Street


RELATED NEWS

  • The dollar was slightly offered, heading for a second day of losses amid very thin flows as traders took to the sidelines ahead of a slew of policy-rate decisions due this week. The Bloomberg Dollar ...

POPULAR NEWS

DISCLAIMER

Seluruh materi atau konten yang tersaji di dalam website ini hanya bersifat informatif saja, dan tidak dimaksudkan sebagai pegangan serta keputusan dalam investasi atau jenis transaksi lainnya. Kami tidak bertanggung jawab atas segala akibat yang timbul dari penyajian konten tersebut. Semua pihak yang mengunjungi website ini harus membaca Terms of Service (Syarat dan Ketentuan Layanan) terlebih dahulu dan dihimbau untuk melakukan analisis secara independen serta memperoleh saran dari para ahli dibidangnya.