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Forex: Aussie falling on bad China imports data

Aussie is currently printing fresh session lows at around 1.0250, on the back of bad imports data for China showing a -10% decrease, which is a bad signal for Australia, as China is one of biggest trade partners for Aussie exports. The pair is slightly lower for the session being, while still in the positive for the week, up +0.54%.

Immediate support to the downside for AUD/USD lies at March 01 highs 1.0242, followed by yesterday's lows at 1.0217, while to the upside, closest resistance shows at Feb 28/yesterday's highs 1.0290, followed by Wednesday's weekly highs at 1.0301.

China trade way above estimates; massive jump in exports

China trade balance numbers for the month of February came much stronger than expected at +$15.25b vs -$6.9b expected and $29.20b. The increase in exports, up 21.8% (YoY) was the main contributor as only a +10.1% increase was expected, with last read-out at +25.0%. Imports fell by 15.2% vs -8.8% and +28.8% prior, also helping to inflate even more the final trade number. The number is significant as there is no appreciation of holiday's distortion.
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Forex: EUR/USD on new 1.29-1.32 range - Ashraf Laidi

Following the recovery in EUR/USD to fresh highs of the week circa 1.31, "Euro’s downside appear relatively supported near 1.2900 as the ECB holds off from cutting rates and an eventual fix in Italian politics via an effective formation of a pro-austerity government leads to stabilization in EURUSD" says Ashraf Laidi, founder at AshrafLaidi.com.
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