Dollar sinks on China trade data

THE Australian dollar has plunged again on the back of poor Chinese trade data.

Commodity currencies are feeling the impact.

THE Australian dollar has plunged again on the back of poor Chinese trade data.

At 0630 AEST on Tuesday, the local unit was trading at 73.17 US cents, down from 73.63 cents on Monday.

News on Sunday (AEST) that the big decline in imports was behind China’s better-than-expected trade surplus in April has started to weigh heavily on commodity currencies.

CURRENCY SNAPSHOT AT 0630 AEST ON TUESDAY

One Australian dollar buys:

* 73.17 US cents, from 73.63 cents on Monday

* 79.28 Japanese yen, from 79.22 yen

* 64.27 euro cents, from 64.49 euro cents

(*Currency closes taken at 1700 AEST previous local session)

Source: IRESS