When is the China’s Trade Balance and how could it affect AUD/USD?
The post When is the China’s Trade Balance and how could it affect AUD/USD? appeared on BitcoinEthereumNews.com.
China’s Trade Balance Overview The General Administration of Customs will publish its data for November on Monday at 03.00 GMT. Trade balance is expected to widen to $100.20B in November, compared to $90.07 in the previous reading. Exports are expected to rise by 3.8%, while Imports are projected to climb by 2.8%. As the Chinese economy has influence on the global economy, this economic indicator would have an impact on the Forex market. How could the China’s Trade Balance affect AUD/USD? AUD/USD trades on a negative note on the day in the lead up to the China’s Trade Balance data. The pair edges lower as markets turn cautious ahead of the Reserve Bank of Australia (RBA) and US Federal Reserve (Fed) interest rate decisions later this week. If data comes in better than expected, it could lift the Australian Dollar (AUD), with the first upside barrier seen at the December 5 high of 0.6650. The next resistance level emerges at the September 16 high of 0.6688, en route to the September 17 high of 0.6707. To the downside, the December 4 low of 0.6598 will offer some comfort to buyers. Extended losses could see a drop to the December 1 low of 0.6532, followed by the 100-day EMA of 0.6520. Economic Indicator Trade Balance USD The Trade Balance released by the General Administration of Customs of the People’s Republic of China is a balance between exports and imports of total goods and services. A positive value shows trade surplus, while a negative value shows trade deficit. It is an event that generates some volatility for the CNY. As the Chinese economy has influence on the global economy, this economic indicator would have an impact on the Forex market. In general, a high reading is seen as positive (or bullish) CNY, while a low reading is…
