- Chinese Sept trade surplus down from 49.8B USD to 31.0B USD
- New Zealand food price index down 0.8% in Sept
- Japanese banks on holiday today
Comdolls took center stage in today’s Asian trading session, as China’s trade balance for September hit the airwaves. The results were weaker than expected since the trade surplus slipped from 49.8 billion USD to 31.0 billion USD during the month, lower than the estimated 41.2 billion USD surplus.
However, a closer look at the components of the report indicates that exports picked up by 15.3% on an annualized basis while imports are up 7.0%, signaling an increase in both internal and external demand. In fact, imports chalked up their fastest pace of increase since February this year while exports marked their strongest gain since February last year.
AUD/USD managed to chalk up a 0.64% gain for the past few hours, as the pair is trading around the .8735 levels, while NZD/USD rebounded to a high of .7887. In New Zealand, the food price index marked a 0.8% decline for September, following August’s 0.3% uptick.
Yen pairs saw little movement in today’s trading, with Japanese banks closed on a holiday. USD/JPY is down 0.35% to the 107.20 area while EUR/JPY is up 0.02% near the 136.00 handle. GBP/JPY is down 0.07% around 10 pips below the 173.00 mark while AUD/JPY logged in a stronger 0.25% gain at 93.65.
Up ahead, the forex calendar indicates that data is light in the London session, with only the German wholesale price index due. Make sure you keep tabs on risk sentiment, as this could dictate currency price action for the rest of the day.
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