Australian dollar strong on positive Chinese trade data

THE Australian dollar is higher after better-than-expected Chinese trade figures gave the currency a boost.

Aussie one dollar coins, on a twenty dollar note.

THE Australian dollar is higher after better-than-expected Chinese trade figures gave the currency a boost.

At 0700 AEDT on Tuesday, the local currency was trading at 87.53 US cents, up from 87.34 cents on Monday.

China’s trade surplus more than doubled to $US31.0 billion ($A33.54 billion) in September, official data showed on Monday. Exports from the world’s second-biggest economy beat expectations, rising 15.3 per cent to $US213.7 billion.

The figures gave the Australian dollar a boost on Monday which continued overnight, Westpac senior market strategist in Wellington Imre Speizer said.

But continued weakness on global share markets could drag the Aussie dollar lower again on Tuesday, he said.

“Yesterday’s strong Chinese trade data gave the currency the boost,” Mr Speizer said.

“But even though it was a holiday in the US, equity markets in the states sold off heavily overnight and that may have an effect on the Aussie today.”

Currency snapshot at 0700 AEDT on Tuesday

One Australian dollar buys:

* 87.53 US cents, from 87.34 cents on Monday

* 93.75 Japanese yen, from 93.65 yen

* 68.99 euro cents, from 68.89 euro cents

* 111.06 New Zealand cents, from 111.01 NZ cents

* 54.48 British pence, from 54.21 pence

One euro buys:

* 126.89 US cents, from 126.78 cents

* 135.90 Japanese yen, from 135.95 yen

One US dollar buys:

* 107.10 Japanese yen, from 107.22 yen

(*Closes taken at 1700 AEDT previous local session)

Source: IRESS

Originally published as Australian dollar strong on positive Chinese trade data