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Forex - AUD/USD lower despite decent Chinese data

ForexJan 10, 2013 10:40PM ET

Investing.com - The Australian dollar drifted lower against its U.S. rival on Friday in Asia despite opening the session modestly higher.

In Asian trading Friday, AUD/USD was lower by 0.18% at 1.0579. The pair was likely to find support at 1.0494, the session low and resistance at 1.0586, the high of December 12.

AUD/USD jumped during Thursday’s U.S. session after official data showed that China’s trade surplus widened unexpectedly in December, adding to signs of recovery in the world’s second largest economy.

Chinese exports rose 14.1% in December from a year earlier while imports increased by 6%. China is the top destination for Australian exports.

More economic news out of China, the world’s second-largest economy, could not spur the Aussie higher against the greenback today. Producer price inflation in China rose less-than-expected last month, official data showed on Friday.

In a report, National Bureau of Statistics of China said that Chinese PPI rose to an annual rate of -1.9%, from -2.2% in the preceding month. Analysts had expected Chinese PPI to rise to -1.8% last month.

Consumer price inflation in China rose more-than-expected last month, official data showed on Friday. In a report, National Bureau of Statistics of China said that Chinese CPI rose to an annual rate of 2.5%, from 2.0% in the preceding month. Analysts had expected Chinese CPI to rise to 2.3% last month.

In other news pertaining directly to the Aussie dollar, National Australia Bank reduced its interest rate forecast for 2013 to 2.25%. The bank is forecasting an interest rate from the Reserve Bank of Australia sometime in the current quarter with subsequent cuts in May and August.

RBA officials have voiced concern about the strength of the Aussie, but have not committed to direct intervention in the currency market.

Elsewhere, AUD/JPY added 0.03% to 94.13 while AUD/NZD climbed 0.18% 1.2556.

Forex - AUD/USD lower despite decent Chinese data

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