AUD/USD storms through 0.7700 on upbeat Chinese exports

By FXStreet The bullish momentum around the AUD/USD pair gained further traction after the Chinese trade data showed that exports and imports improved last month.

AUD/USD sees a 30-pips rally post-China data

Currently, the AUD/USD pair rockets 1.57% at fresh nine-month highs of 0.7716, jumping-off solid support at 0.7685, where the hourly 5 & 10-SMA coincide. The AUD bulls received fresh impetus from stronger than expected Chinese trade data, which showed exports picking-up pace in Australia’s biggest export destination, highlighting improved Chinese external demand. China’s exports rose 18.7% y/y (in yuan terms) versus +14.9% y/y expected and prior of -20.6%, while imports also slowed its pace of decline.

In addition, the risk-on rally in the Asian equities combined with higher oil prices also collaborated to the upbeat sentiment around the Aussie. Japan’s Nikkei jumps +2.53%, Australia’s ASX rallies +1.25%, while the Shanghai Composite index rebounds +1.32%.

The recent bullish run in the AUD/USD pair was fuelled by a stronger than expected business conditions report from Australia released the day earlier.
National Australia Bank (NAB) Business Confidence jumped to 6 versus 3 previous, while the business conditions numbers for March hit fresh 8-year high, coming in at 12 versus 8 previously in February.

With the …read more

Source:: FX Street