Forex News

The fall of the Australian dollar after the publication of China's weak trade data

The Australian dollar declined against its major counterparts during the Asian session on Friday, as China's trade surplus fell more than forecasted in May.

The data of the General Administration of Customs showed that China's trade surplus in May was $ 24 , 92 billion compared with the expected surplus of $ 33.8 billion

In April, the surplus was $ 28.38 billion

In dollar terms, exports in May increased by 12.6% compared to the same period last year, exceeding the expected growth in the amount of 11.1%.

Imports increased by 26.0% in May compared to last year, well above the forecast of economists – an increase of 18.2%.

China is Australia's largest trading partner. [19659002] Ozzy also declined as a result of increased risk aversion, as Asian markets lost ground before the G-7 summit that kicked off in Canada on Friday.

Ozzie fell to a 4-day low of 0.7582 against the US dollar, from a past high of 0, 7627. Ozzy is likely to find support at 0.74.

Increasing to 83.78 against the yen at 9:10, the currency changed direction and fell to a 4-day low of 83.07. The next level of support is possible around 82.00.

The cabinet survey showed that the Japanese economy's estimate in May fell to the weakest level in more than a year and a half.

The index of economic observers fell to 47.1 in May from 49.0 in April.

Rising to a high of 1.5467, the Australian dollar changed direction and fell to a 2-week low of 1.5540 against the euro. Ozzy may find support at 1.56.

The Australian dollar weakened to a 2-day low of 0.9858 against the luny and a weekly low of 1.0804 against the kiwi, from the previous highs of 0.9896 and 1.0855, respectively. The currency is likely to meet with support at 0.97 against the lunis and 1.07 against the kiwi.