8 Aug 2013
Flash: AUD/USD outperforms overnight - BTMU
FXstreet.com (Barcelona) - Lee Hardman, FX analyst at the Bank of Tokyo Mitsubishi UFJ notes that the Australian dollar has outperformed in the Asian trading session with AUD/USD rising back above the 0.90-level.
Key Quotes
“The Australian dollar has been supported by the release of the stronger than expected China trade report for July.”
“The report revealed both export and import growth proved stronger than expected rising at annual rates of 5.1% and 10.9% respectively. The report has boosted investor optimism that the Chinese economy maybe at least stabilizing in the near-term.”
“The improving growth outlook in Europe and an expected re-acceleration in US growth in the 2H 2013 should help boost external demand. The China trade report has helped to offset the negative impact upon the Australian dollar from another soft Australian employment report for July.”
“The report revealed that employment declined by -10.2k in July although the unemployment rate held at 5.7%. However, the report also revealed that hours worked continued to rise providing an encouraging signal that employment growth may begin to pick up later this year. Overall the report is broadly consistent with RBA’s policy outlook.”
Key Quotes
“The Australian dollar has been supported by the release of the stronger than expected China trade report for July.”
“The report revealed both export and import growth proved stronger than expected rising at annual rates of 5.1% and 10.9% respectively. The report has boosted investor optimism that the Chinese economy maybe at least stabilizing in the near-term.”
“The improving growth outlook in Europe and an expected re-acceleration in US growth in the 2H 2013 should help boost external demand. The China trade report has helped to offset the negative impact upon the Australian dollar from another soft Australian employment report for July.”
“The report revealed that employment declined by -10.2k in July although the unemployment rate held at 5.7%. However, the report also revealed that hours worked continued to rise providing an encouraging signal that employment growth may begin to pick up later this year. Overall the report is broadly consistent with RBA’s policy outlook.”