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Forex News: Australian Dollar Extends Gain After China Data

Australian Dollar Extends Gain After China Data

07/12/2019 - 05:56:00 (RTTNews)

(RTTNews) - The Australian dollar continued to be higher against its major counterparts in early European deals on Friday, as China's exports dropped less than expected in June amid trade standoff with the U.S.

Data from the General Administration of Customs showed that China's exports decreased less than expected in June, resulting in a larger trade surplus from last month.

Exports fell 1.3 percent on a yearly basis in June, slightly slower than the 1.4 percent drop economists had forecast.

At the same time, imports slid 7.3 percent annually versus the expected fall of 4.6 percent in June.

As a result, the trade surplus increased to $50.98 billion, which was bigger than the forecast of $45 billion.

Australia is the largest trading partner of China.

Oil prices rose after falling on Thursday as OPEC cut its 2019 oil production growth forecast for its non-cartel peers.

The currency has been trading higher against its major counterparts in the Asian session.

The aussie strengthened to a 3-day high of 75.91 against the yen, from a low of 75.62 hit at 5:15 pm ET. If the aussie rises further, 77.5 is seen as its next resistance level.

Final data from the Ministry of Economy, Trade and Industry showed that Japan's industrial production grew at a less-than-initially-estimated rate in May.

Industrial production rose 2.0 percent month-on-month in May instead of 2.3 percent estimated previously.

The aussie appreciated to a weekly high of 0.7009 against the greenback, after having dropped to 0.6971 at 5:15 pm ET. The next possible resistance for the aussie is seen around the 0.715 mark.

The aussie that closed Thursday's trading at 1.6136 against the euro firmed to a 3-day high of 1.6078. On the upside, 1.59 is possibly seen as the next resistance for the aussie.

The Australian currency spiked higher to a 2-day high of 1.0478 against the kiwi, compared to 1.0467 hit late New York Thursday. The aussie is likely to face resistance around the 1.06 mark.

The latest survey from BusinessNZ showed that New Zealand manufacturing sector continued to expand in June, and at a faster rate, with a manufacturing PMI score of 51.3.

That's up from 50.4 in May and it moves further above the boom-or-bust line of 50 that separates expansion from contraction - although it remains beneath the long-term survey average of 53.4.

The aussie was trading higher at 0.9121 against the loonie, up from a low of 0.9107 seen at 5:15 pm ET. Next key resistance for the aussie is seen around the 0.94 mark.

Looking ahead, U.S. producer prices for June are due in the New York session.

For comments and feedback: contact editorial@rttnews.com

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