AUD/USD Bounce Continues Following Strong Chinese Trade Data
2021-07-13 03:30:00
Brendan Fagan,
AUD/USD, Chinese Balance of Trade, PBOC Talking Points:
Chinese trade balance blows away expectations, coming in at $51.53 B vs. $44.2 B est.
China continues to worry about potential slowdown, easy monetary policy returns
AUD/USD looks to test 0.7500 despite COVID fears weighing on sentiment
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Chinese export data blew expectations out of the water Tuesday morning, despite recent worries over a slowing domestic economy. Exports for June rose 32.2% (in USD) over the same period last year. The balance of trade for June came in at $51.53 billion, vs. a consensus estimate of $44.2 billion. For the first half of 2021, China reported a trade surplus with the United States of $164.92 billion. The trade surplus with the US for the month of June came in at $32.58 billion, up from $31.78 billion in the month of May. Despite recent price pressures and intervention from Beijing, Chi