08.03.2016 - The data from China worsened the attractiveness of AUD/USD
Today was released unexpectedly weak data on China's trade surplus, which turned out to be much worse than expected. Thus, the trade surplus reached in February 32.59 billion against the forecast of growth by 51.2 billion dollars, and the previous value of 63.3 billion dollars. It is worth noting that exports fell in annual terms by 25.4% versus an expected decline of 12.5%. Imports fell by 13.8%, against 18.8% in January. It is worth mentioning that the data in January and February are volatile due to changes in holidays timing associated with the celebration of the New Year. We forecast a drop in price of the Australian dollar against this background with the objectives at 0.7000 and 0.6840.