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Forex News: Australian Dollar Advances On Upbeat China Trade Data

Australian Dollar Advances On Upbeat China Trade Data

07/13/2021 - 03:42:00 (RTTNews)

(RTTNews) - The Australian dollar climbed against its major counterparts in the Asian session on Tuesday, as strong China trade data suggested that the economic recovery is underway, while investors awaited corporate earnings, inflation data and Congressional testimony by Federal Reserve Chair Jerome Powell for clues about the strength of the economy.

Data from the General Administration of Customs showed that the trade surplus increased to $51.5 billion in June from $45.5 billion in the previous month. The expected level was $44.2 billion.

Exports advanced 32.2 percent year-on-year in June, bigger than the economists' forecast of 23.1 percent.

Imports climbed 36.7 percent on a yearly basis, faster than the expected rate of 30 percent.

U.S. inflation data due later in the day could shed more light on the U.S. Federal Reserve's timeline for reducing the asset purchase program.

Powell is scheduled to testify on the semi-annual monetary policy report before the House Financial Services Committee on Wednesday and the Senate Banking Committee on Thursday.

The aussie climbed to a 6-day high of 0.7503 against the greenback and a 1-week high of 1.0726 against the kiwi, off its prior lows of 0.7472 and 1.0696, respectively. The next possible resistance for the aussie is seen around 0.78 versus the greenback and 1.09 against the kiwi.

The aussie reversed from its early lows of 82.48 against the yen and 1.5867 against the euro, touching 5-day highs of 82.82 and 1.5824, respectively. The aussie is likely to find resistance around 84 against the yen and 1.54 against the euro.

The aussie hit a 4-day high of 0.9339 against the loonie, up from a 4-day low of 0.9300 set at 5 pm ET. If the aussie continues its rise, 0.95 is possibly seen as its next resistance level.

Looking ahead, U.S. CPI and monthly budget statement for June are scheduled for release in the New York session.

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