THE Australian dollar is slightly
higher as the greenback weakened overnight and the local currency
benefited from the release of some positive Chinese economic data.
At 0700 AEST on Tuesday, the local unit was trading at 77.04 US
cents, up slightly from 76.96 cents on Friday, before the Queen’s
birthday long weekend.
BK Asset Management managing director Kathy Lien said the Aussie dollar had performed strongly overnight, supported by trade data out of China, which was not as downbeat as anticipated.
“The Australian and New Zealand dollars traded higher today ... No data was released from either country but both currencies benefited from stronger Chinese trade numbers,” Ms Lien said. She said the figures showed China’s trade surplus ballooned to $59.49 billion in May, from $44.8 billion.
“Exports and imports declined but the drop in exports was less than anticipated,” Ms Lien said. Westpac strategist Imre Speizer described the overnight session as unremarkable, saying the Australian dollar was buoyed by softness in the greenback, which retraced gains made after positive US non-farm payrolls figures were released on Friday.
BK Asset Management managing director Kathy Lien said the Aussie dollar had performed strongly overnight, supported by trade data out of China, which was not as downbeat as anticipated.
“The Australian and New Zealand dollars traded higher today ... No data was released from either country but both currencies benefited from stronger Chinese trade numbers,” Ms Lien said. She said the figures showed China’s trade surplus ballooned to $59.49 billion in May, from $44.8 billion.
“Exports and imports declined but the drop in exports was less than anticipated,” Ms Lien said. Westpac strategist Imre Speizer described the overnight session as unremarkable, saying the Australian dollar was buoyed by softness in the greenback, which retraced gains made after positive US non-farm payrolls figures were released on Friday.
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