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AUD/USD Fell to 0.7350 on Soft Chinese Trade & Inflation Data

The Australian Dollar continued to fall in Europe from the 0.7400 level in the prior Asian market to test the low of 0.7350 (-50 pips) against the firm US dollar and following the soft July Trade Balance and Inflation data from China. Exports in particular, fell more than expected which drove the selling pressure on the aussie which raised speculation of more stimulus measure from the Bank of China in the coming months.

China's July Trade Surplus $43.03 billion, lower than the $53.25 billion forecast. Exports fell much lower then expected at -8.3% y/y versus the -1.0% forecast. While Imports fell to -8.1% versus the -8.0% forecast.

China's July CPI rose 0.3% m/m came in as expected at 0.3%. And rose 1.6% y/y versus the 1.5% forecast. PPI fell -0.7% m/m and fell -5.4% y/y, more than the -5.0% estimate.

AUD.8.10 resized 600 

Chart: WorldWideMarkets Alpha Trader

 


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