AUD/USD has ticked higher in the Wednesday session. Currently, the pair is trading at 0.7003, up 0.08% on the day. On the fundamentals front, there are no Australian releases. China posted a trade surplus of 94 billion yuan ($13.8 billion), in April, well short of the forecast of 235 billion yuan ($33.7 billion). On Wednesday, Chinese CPI is projected to improve to 2.5% in April. In the U.S., there are no key events until Thursday, with the release of producer price index reports and unemployment claims. The RBA issues its monetary policy statement, which is released quarterly.
The trade war between the U.S. and China has taken a heavy toll on the Chinese economy. China’s trade surplus fell sharply in April, dropping from 221 billion yuan to 94 billion ($32.6 billion to $13.8 billion). As well, Chinese exports declined 2.7% in April, on a year-to year basis. This was a sharper drop than the estimate of a 2.3% decline. A slowdown in China has damaged the Australian economy, as China is Australia’s number one trading partner.
The trade war between the U.S. and China has taken a heavy toll on the Chinese economy. China’s trade surplus fell sharply in April, dropping from 221 billion yuan to 94 billion ($32.6 billion to $13.8 billion). As well, Chinese exports declined 2.7% in April, on a year-to year basis. This was a sharper drop than the estimate of a 2.3% decline. A slowdown in China has damaged the Australian economy, as China is Australia’s number one trading partner.
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