The AUD/USD pair declines on Tuesday, the medium-term rising channel in the instrument is at risk of breaking.
The Australian dollar declines in tandem with its US counterpart on Tuesday afternoon. The problem is that in the morning Chinese statistics came, from which, in general, no one was waiting for anything especially positive.
Statistical data show that in September China's exports somewhat improved their condition, although it remained in negative territory. The indicator is estimated at -1.1% vs. the August fall of 6.1% and a forecast of -6.3%. The export figures were assessed quite positively by the AUD, but after the release of the report on the imports, the enthusiasm vanished.
Imports in China in September fell by 17.7% y/y against the level of -14.3% in August in yuan terms. The positive balance of foreign trade of China in the last month amounted to $ 59.43 billion with the forecast of $ 46.79 billion.
The problem of the reactions of the Australian dollar to the figures for Chinese imports is directly related to the trade relations between the two countries. China has been and remains a key partner for Australia of this kind. The reduction in the import component indicates a rapid fall in consumption of imported goods - including from Australia. Australia's main exports to China are commodities.
That is why the Australian dollar reaction to the publication of the release was mixed. Even if at the end of 2015 China will be able to keep a GDP growth rate of 7%, this will be the slowest growth of the Chinese economy over the past nearly twenty-five years.
RoboForex Analytical Department
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