Shutterstock photo
Markets

Forex - AUD/USD edges lower on Chinese data

Shutterstock photo

Shutterstock photo

Investing.com - The Australian dollar edged lower against its U.S. counterpart on Monday, as economic reports from China weighed, despite Friday's upbeat U.S. employment data.

AUD/USD hit 1.0204 during late Asian trade, the pair's lowest since March 5; the pair subsequently consolidated at 1.0229, slipping 0.07%.

The pair was likely to find support at 1.0193, the low of March 5 and resistance at 1.0284, the high of March 8.

Concerns over a possible slowdown in the world's second-largest economy weighed on sentiment after data over the weekend showed that inflation in China hit a 10-month high in February, while industrial output and retail sales slowed.

China is Australia's biggest export partner.

The report came after data on Friday showed that the U.S. economy added 236,000 jobs last month, well above expectations for an increase of 160,000. The unemployment rate ticked down to 7.7%, the lowest level since December 2008, from 7.9% in January.

The robust data added to speculation over an earlier-than-expected end to the Federal Reserve's easing program, bolstering demand for the dollar.

The Aussie was also lower against the euro with EUR/AUD adding 0.11%, to hit 1.2712.

Also Monday, official data showed that Germany's trade surplus declined to EUR15.7 billion in January from a revised 16.9 billion the previous month.

German exports rose by a seasonally adjusted 1.4% in January compared to the same month last year, while imports rose 3.3%.

Investing.com - Investing.com offers an extensive set of professional tools for the Forex, Commodities, Futures and the Stock Market including real-time data streaming, a comprehensive economic calendar, as well as financial news and technical & fundamental analysis by in-house experts.

Read more News on Investing.com or Follow us on Twitter at @ Newsinvesting

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.


The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

Other Topics

ForEx