China saw 'surprise' jump in U.S. orders ahead of Trump-Xi summit, private survey shows
A private survey shows a rebound in China's exports to the U.S. as companies position for continued stability between the world's two largest economies.
The Australian Dollar (AUD/USD) remained relatively stable near 0.7010 during early Asian trading hours on Friday as traders analyzed the outcome of the US-China summit at the White House. President Xi Jinping announced that ties between the two nations had reached a significant milestone, with a broad agreement on numerous issues.
China stressed the importance of peaceful coexistence and partnership between the US and China. US Treasury Secretary Scott Bessent confirmed that the US and China had extended their bilateral trade truce until January 10, though markets viewed the summit as more symbolic than substantive, with no breakthroughs on key issues like AI, trade, Taiwan, and the Iran war.
The Australian Bureau of Statistics reported that Australia's unemployment rate rose to 4.6% in August, up from 4.5% in July, indicating a tightening labor market. The Reserve Bank of Australia (RBA) is expected to hike interest rates by 25 basis points next week, despite the slight increase in unemployment. Brown Brothers Harriman's Elias Haddad noted that the unemployment report was mixed, but the rise in the jobless rate was mainly due to a higher participation rate, suggesting persistent labor market tightness.
Technical analysis shows that AUD/USD continues to trend bearishly, as it trades below the 100-day moving average (MA) and the Bollinger middle band. The spot price is near the lower end of the Bollinger envelope, with the lower band acting as immediate resistance. The Relative Strength Index (14) indicates that downside momentum is stretched, but not yet reversed. A break above the Bollinger lower band (0.7015) and the 100-day MA (0.7070) is required to alleviate current bearish pressure.
Written by urgent.news from FXStreet's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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