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Australian Dollar Fell to 0.9390 on Weak Chinese Data

Posted by Chris Advincula on Jun 10, 2013 6:46:00 AM

Jun 10 Monday 10:50 GMT

The Australian Dollar traded sideways in Europe in a lackluster 42 pip range of 0.9440 and 0.9398. Trading was thin as Sydney is closed for a market holiday. China, on the other hand will be closed for 3 days until Wednesday and will continue to influence the thin trading activity in Asia in the next few days.

However, in the prior Asian market, the Australian Dollar fell significantly from Friday’s close of 0.9490 with a wide price gap of 70 points when Sydney opened at 0.9420 following the weak economic data for from China for the month of May released on Saturday and Sunday in Beijing.

China’s Trade Balance  was $20.4 billion versus the forecast of $20.8 billion. Exports posted at 1%. Imports fell 0.3% versus expectations of +0.6%. The trade data reflects sluggish overseas and domestic demand.

China’s CPI rose 2.1% versus the forecast of 2.5%. PPI fell -2.9% versus the forecast -2.5%.

China’s Industrial Production slows to 9.2% versus the forecast of 9.4%

China’s Retail Sales was 12.9% as expected and compared to 12.8% in the previous month.

 

Chris Advincula

WorldWideMarkets

 

aussie.6.10 resized 600

Chart: FXTrek.com

 

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