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13 Apr 2015
AUD/NZD testing lows near 1.0151 post China data
FXStreet (Mumbai) - The Australian dollar underperformed its Oz counterpart in the mid-Asian session, knocking-off the cross to fresh lows, as the Aussie witnessed greater damage than the NZD after Chinese trade surplus came in at its lowest in more than a year.
Weak Chinese data weighs on AUD/NZD
Currently, the AUD/NZD cross trades at 1.0155, down -0.44% on the day, hovering close to session lows reached at 1.0151 levels some minutes ago. AUD/NZD slipped largely on the Aussie weakness as the Australian lost ground across the board after Chinese trade data missed market forecasts big time.
Chinese exports tumbled 14.6% year-on-year in March after shooting up almost 50% in February, falling far short of the expected 9% gain. Imports were down 12.3% from a year ago in March, adding to the 20.5% decline in Feb. Trade surplus shrank to USD3.1 billion last March, the lowest since February 2014 when the trade balance was last in deficit.
On the other hand, the NZ dollar tracked the losses in the Australian dollar and remained deep in red. The OZ economies are highly dependent on China for their exports.
Meanwhile, in absence of major data release in the day ahead, downbeat Chinese data may continue to weigh on the Antipodeans.
AUD/NZD Levels to consider
To the upside, the next resistance is located at 1.0200 levels and above which it could extend gains to 1.0230 levels. To the downside immediate support might be located at 1.0145 levels below that at 1.0100 levels.
Weak Chinese data weighs on AUD/NZD
Currently, the AUD/NZD cross trades at 1.0155, down -0.44% on the day, hovering close to session lows reached at 1.0151 levels some minutes ago. AUD/NZD slipped largely on the Aussie weakness as the Australian lost ground across the board after Chinese trade data missed market forecasts big time.
Chinese exports tumbled 14.6% year-on-year in March after shooting up almost 50% in February, falling far short of the expected 9% gain. Imports were down 12.3% from a year ago in March, adding to the 20.5% decline in Feb. Trade surplus shrank to USD3.1 billion last March, the lowest since February 2014 when the trade balance was last in deficit.
On the other hand, the NZ dollar tracked the losses in the Australian dollar and remained deep in red. The OZ economies are highly dependent on China for their exports.
Meanwhile, in absence of major data release in the day ahead, downbeat Chinese data may continue to weigh on the Antipodeans.
AUD/NZD Levels to consider
To the upside, the next resistance is located at 1.0200 levels and above which it could extend gains to 1.0230 levels. To the downside immediate support might be located at 1.0145 levels below that at 1.0100 levels.