Australian Dollar sinks after dismal Chinese trade data AUDUSD Australia Technical Analysis Fundamental Analysis
wer demand for Australian raw materials from the world’s second-largest economy and a general slowdown in the global economy. Australian Dollar news and market movers
Measured in US Dollars, Chinese imports fell by 12.4% which was well below the 5.0% decline expected by economists and the 6.8% drop in the previous month of June. Chinese exports in USD fell 14.5% against -12.5% expected and -12.4% recorded in June. In Yuan, exports declined 9.2% versus -8.9% forecast and -8.3% previously.
National Australia Bank’s Business Conditions in July edged down to 10 from 11 in June but still beat estimates of 8. NAB's Business Confidence gauge rose to 2 from -1 forecast and -1 previous. AUD/USD could fall to as low as 0.40, according to David Llewellyn-Smith, Chief Strategist at the MB Fund and MB Super.
That said, they did not completely rule out the possibility of more rate hikes in the future, "Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon the data and the evolving assessment of risks," the RBA noted.AUD/USD is in a sideways trend on both the long and medium-term charts. The February high at 0.
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