Aussie and Kiwi drop after Chinese trade data
On Thursday, the Australian and New Zealand dollars traded lower against their American counterpart, weighed by the publication of dismal Chinese trade data and the minutes of the Fed’s latest gathering confirmed the possibility of an approaching rate lift.
The currency pair AUD/USD sank 0.34%, trading at 0.7534, the lowest value since September 19.
Earlier on Thursday, it was disclosed that in September, China’s trade surplus dropped to about $41.99 billion from $52.05 billion last month. Experts had expected the trade surplus to widen to about $53.00 billion last month.
According to the report, in September, China’s exports headed south 10%, compared to hopes for a 3% dip, while imports descended by 1.9%, confounding hopes for a surge of 1%.
China happens to be Australia’s number one export partner and also New Zealand’s second biggest export partner.
NZD/USD lost 0.10%, trading at 0.7056, having hit a more than two-month minimum of 0.7037 overnight.