AUD/USD: No takers for Aussie despite big beat on China trade data

AUD/USD continues to report losses despite upbeat China data.
China's imports and exports rose sharply in December, beating expectations by a big margin.

Omkar Godbole FXStreet Contributor

AUD/USD is finding little love even though China's December trade data bettered estimates by a big margin, indicating the world's second-largest economy might have bottomed out.

The data released soon before press time showed China's exports in yuan terms jumped 9% year-on-year in December, beating the estimate of a 2.8% rise by a big margin and up from the preceding month's 1.3% growth.

The sharp rise in exports is a telltale sign of improving global demand conditions.

Meanwhile, imports surged by 17.7% contrary to an expected drop of 1.4%, signaling a strengthening of domestic demand.

So far, however, the upbeat data has failed to move the needle on the Aussie dollar, a proxy for China, leaving the AUD/USD pair at session lows near 0.6890.

The currency, however, may recover some losses, if the details of the report (yet to be released) show China's surplus with the US dropped sharply in December.

The US and China are set to sign the phase one trade deal on Wednesday.

Technical levels

AUD/USD

Overview
Today last price	0.6889
Today Daily Change	-0.0016
Today Daily Change %	-0.23
Today daily open	0.6905

Trends
Daily SMA20	0.6925
Daily SMA50	0.6869
Daily SMA100	0.6835
Daily SMA200	0.6892

Levels
Previous Daily High	0.6921
Previous Daily Low	0.6894
Previous Weekly High	0.6959
Previous Weekly Low	0.6848
Previous Monthly High	0.7033
Previous Monthly Low	0.6762
Daily Fibonacci 38.2%	0.6911
Daily Fibonacci 61.8%	0.6904
Daily Pivot Point S1	0.6892
Daily Pivot Point S2	0.6879
Daily Pivot Point S3	0.6865
Daily Pivot Point R1	0.692
Daily Pivot Point R2	0.6934
Daily Pivot Point R3	0.6947

Author

Omkar Godbole

FXStreet Contributor

Omkar Godbole, editor and analyst, joined FXStreet after four years as a research analyst at several Indian brokerage companies.

AUD/USD climbs toward 0.7000 after strong China data dump

AUD/USD attracts follow-through buyers for the second straight day on Monday, extending last week's recovery toward 0.7000 in Monday's Asian trading. Strong Chniese Q3 GDP and activity data for September strengthen the pair's advance, following RBA Assistant Governor Chris Kent's hawkish remarks.

USD/JPY struggles near 158.00 amid hawkish BoJ, subdued USD

USD/JPY remains defensive near 158.00 in the Asian session on Monday, as the US Dollar remains depressed near a two-week low amid the recent decline in US bond yields. Furthermore, looming intervention risks underpin the Japanese Yen and weigh on the pair amid BoJ Governor Kazuo Ueda's hawkish remarks. However, Fed rate-hike bets and geopolitical uncertainties could limit USD losses and the major.

Gold: $4,200 remains a tough nut to crack for bulls

Gold is struggling to sustain the renewed uptick, remaining below $4,200 in Monday’s Asian trades. The bright metal is torn between dip-buying in the US Dollar and renewed geopolitical optimism, which has sent Oil prices southward.

Week ahead: Stocks seek direction as earnings take centre stage

It has been a challenging week for investors as the hotter US CPI report and the solid start to the earnings season did not produce the expected market movements. With the exception of the aussie, the US dollar is currently posting minimal gains across the FX spectrum, with its post-CPI rally proving short-lived, especially as dovish Fedspeak persists.

Bitcoin rebounds to $82,500 as Ethereum and XRP hold support

Bitcoin, Ethereum, and Ripple show signs of recovery on Monday, following a turbulent week driven by sticky US inflation data and institutional outflows. BTC extends its rebound off the 50-day Exponential Moving Average at $80,607, while ETH and XRP test key support levels after a bearish weekly close.

Everyone's dumping Gold after hot US inflation. Here's why $4,100 could be a floor, not a cliff

Gold (XAU/USD) is recovering from a sharp sell-off triggered by hotter-than-expected United States (US) inflation data released on Wednesday. The precious metal briefly plunged toward $4,073 as investors increased their bets on further Federal Reserve (Fed) interest rate hikes before recovering as US Treasury yields and the US Dollar (USD) reversed their initial gains.