The Australian dollar has remained resilient brushing off disastrous data out of China yesterday and disappointing local real estate data today.
Numbers out of China showed exports fell 25.4 percent in February against analysts’ expectations of a 12.5 percent fall, while the imports figure declined 13.8 percent against a consensus for a 10 percent reduction,
The trade surplus figures from China also disappointed investors coming in at $32.59 billion against predictions for a figure of $50.15 billion.
The decline in exports was the biggest fall in 7 years and once again raised fears on the outlook for the Chinese economy.
Local real estate data out of Australia today also fell short of expectations dropping 3.7 percent against analysts’ expectations for a drop of 2.3 percent and sharply reversing the trend from the previous month where the number rose 2.7 percent.
The figures are good news for the Reserve Bank of Australia which has been concerned about the bubble that has developed in the property market and may now be in a position to cut interest rates again without further inflaming the real estate sector.