Australia, New Zealand Dollars Fall On Weaker China Trade Data
13 April 2015 - 5:50AM
RTTF2
The Australian and the New Zealand dollars weakened against the
other major currencies in the Asian session on Monday, after data
showed that Chinese trade surplus slipped more than expected in
March.
Data from the Customs Office showed that China had a merchandise
trade surplus of $3.10 billion in March. That was far below
forecasts for a surplus of $40.20 billion and down sharply from the
$62.62 billion surplus in February.
Exports plummeted 14.6 percent on year, well shy of forecasts
for an increase of 10.0 percent following the 48.3 percent surge in
the previous month.
Imports tumbled an annual 12.3 percent versus forecasts for a
decline of 10.0 percent following the 20.5 percent plunge a month
earlier.
In other economic news, data from the Reserve Bank of Australia
showed that Australia had A$22.1 billion credit card purchases in
February. That followed the A$21.5 billion in purchases in
January.
Friday, the Australian dollar fell 0.20 percent against the U.S.
dollar and 0.53 percent against the Yen. The NZ dollar also fell
0.56 percent against the U.S. dollar and 0.78 percent against the
Yen.
In the Asian trading today, the Australian dollar fell to 6-day
lows of 91.37 against the yen and 0.7593 against the U.S. dollar,
from Friday's closing quotes of 92.23 and 0.7675, respectively. If
the aussie extends its downtrend, it is likely to find support
around 90.01 against the yen and 0.75 against the greenback.
Against the Canadian dollar and the euro, the aussie dropped to
a 5-day low of 0.9579 and a 4-day low of 1.3939 from last week's
closing quotes of 0.9649 and 1.3799, respectively. On the downside,
0.94 against the loonie and 1.42 against the euro are seen as the
next support levels for the aussie.
The NZ dollar fell to near 2-week lows of 89.85 against the yen
and 0.7467 against the U.S. dollar, from Friday's closing quotes of
90.46 and 0.7517, respectively. If the kiwi extends its downtrend,
it is likely to find support around 88.50 against the yen and 0.73
against the greenback.
Against the euro, the kiwi dropped to a 4-day low of 1.4175,
from last week's closing value of 1.4071. The kiwi may test support
near the 1.46 region.
Looking ahead, U.S. monthly budget statement for March is due to
be release at 2:00 pm ET.
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