AUD/USD rises to 3-week high as China imports rise in Yuan terms

AUD/USD rose to a three-week high of 0.7509 after the trade data released in China showed the imports rose much higher than expected.

Trades above 0.75

The spot was last seen trading just above 0.75 handle. The currency pair clocked a low of 0.7475 earlier today.

Chinese imports rose 13.00% y/y in Yuan terms, which is far better than the expected rise of 3.6%. Meanwhile, exports rose 5.9% y/y, beating the estimated drop of 1.0%.

China’s customs bureau, following the data release, said the pressure on the exports is likely to ease in the early part of 2017. Consequently, the Aussie is trading on the front foot.

AUD/USD Technical Levels

A convincing break above 0.7507 (Oct 13 low) would open doors for 0.7558 (Oct 28 low) beyond which a major hurdle is seen at 0.76 (zero figure). On the lower side, breach of support at 0.7475 (session low) would shift risk in favor of a drop to 0.7431 (Dec 6 low) and 0.74 (zero figure).