Australian Dollar remains subdued as China’s Trade Surplus eases in October
AUD/USD depreciates after registering nearly 1% gains in the previous day, trading around 0.6920 during Asian hours on Tuesday. The pair remains subdued as the Australian Dollar (AUD) holds losses following the release of Trade Balance data from China, Australia’s close trading partner.
The Australian Dollar (AUD) remains subdued as China's trade surplus eases in October. The AUD/USD pair trades around 0.6920 during Asian hours on Tuesday, following a nearly 1% gain in the previous day. The decline in the AUD is attributed to the release of China's Trade Balance data, which showed a narrowing of the trade surplus to $105.28 billion in October, down from $133.53 billion in the previous month.
The market expected a surplus of $125.8 billion. The easing in China's trade surplus has also impacted the Chinese Yuan (CNY), with its Trade Balance for October shrinking to CNY712.78 billion, down from CNY905.97 billion in the previous month. The AUD/USD pair may regain its ground as speculations about a potential diplomatic breakthrough between the US and Iran rise, possibly posing challenges to the US Dollar (USD) as a safe-haven currency.
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