China trade surprise reignites hope Aussie outperforms
China`s trade data surpassed forecast big time in January, with imports and exports climbing the most in six months, helping boost equities and growth-tied currencies. Gains were evident in Asia and Europe this morning, but most notably, the Australian dollar enjoyed the news the most, hitting a one-month high, on the outlook of stronger demand from china, Australia`s biggest exports market.
The trade balance recorded a surplus of $31.9 billion, the widest for January since 2009, as exports rose 10.6% from a year earlier, compared with median forecast of 0.1%. Imports also surged 10%, more than five times markets forecast of 0.2%.
As of 12:08 GMT+2, the AUD/USD popped as high as 0.9066, the highest in a month, compared with the day`s open at 0.9037.
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