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Aussie Dips In Early Asia As Market Awaits China Trade Data

1/12/2018, 9:59:35 AMMarket Analysis
Aussie Dips In Early Asia As Market Awaits China Trade Data

The Aussie slipped in early Asia on Friday ahead of trade data from top trade partner China with investors looking to the figures for continued confirmation that the world's second largest economy is ticking along.

AUD/USD fell 0.04% to 0.7889, while USD./JPY was flat at 111.27.

China reports trade data for December with exports seen up 9.1%, imports posting a 13.0% increase and the trade balance coming in at a surplus of $37 billion, down from $40.12 billion in November.

The U.S. dollar index, which measures the greenback’s strength against a trade-weighted basket of six major currencies, was last quoted down 0.49% to 91.66.

Overnight, the dollar fell against other currencies on Thursday after disappointing U.S. economic data.

The greenback was hit after reports showed that U.S. producer prices unexpectedly fell in December, the first drop in almost one-and-a-half years, while initial jobless claims unexpectedly rose last week.

The Labor Department reported that its producer price index slipped 0.1% last month, the first decline since August 2016.

A separate report showed that initial claims for unemployment benefits increased by 11,000 to 261,000 last week, the highest level since late September.

The euro strengthened after the minutes of the European Central Bank’s December meeting said officials could consider a gradual shift in policy guidance from early 2018.

Any changes to the bank’s guidance would likely be seen by investors as an indication that policymakers are preparing to start winding down their bond buying stimulus program.