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Forex - AUD/USD drops over 1% on Chinese trade data

Published 04/13/2015, 02:42 AM
Updated 04/13/2015, 02:42 AM
Aussie loses ground vs. greenback as Chinese data weighs

Aussie loses ground vs. greenback as Chinese data weighs

Investing.com - The Australian dollar dropped over 1% against its U.S. counterpart on Monday, after the release of disappointing Chinese trade balance data and as demand for the greenback remained broadly supported.

AUD/USD hit 0.7580 during late Asian trade, the pair's lowest since April 7; the pair subsequently consolidated at 0.7601, tumbling 1.05%.

The pair was likely to find support at 1.7567, the low of April 3 and resistance at 0.7728, Friday's high.

Data earlier showed that China's trade surplus narrowed to $3.08 billion in March from $60.60 billion the previous month. Analysts had expected the trade surplus to narrow to $45.35 billion last month.

China is Australia's biggest export partner.

Meanwhile, demand for the dollar remained supported by expectations for higher interest rates, as investors regained confidence that the U.S. economy would continue to recover after recent economic reports pointed to a slowdown at the start of the year.

The Aussie was also lower against the euro, with EUR/AUD advancing 1.08% to 1.3950.

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