Investing.com - The Australian dollar traded higher against its U.S. rival during Friday’s Asian after getting a lift from Chinese trade data.
In Asian trading Friday, AUD/USD rose 0.08% to 0.9463. The pair was likely to find support at 0.9422, the low of November 1 and resistance at 0.9542, the high of November 6.
On Friday, China’s Customs Administration said exports there jumped 5.6% last month, easily topping expectations calling for growth of 3.2%. Imports rose 7.6%, below the estimate of 8.5%, leaving China with a trade surplus of USD31.1 billion.
Chinese policymakers are set to meet this weekend to discuss reform initiatives, but the Aussie will remain in play in the coming days because China delivers inflation and retail sales data. October inflation is expected to have climbed to an 18-month high.
China, the world’s second-largest economy, is Australia's largest export market.
AUD/USD will be in play again Friday at U.S. is set to deliver the University of Michigan is to release the preliminary reading of its consumer sentiment index, while the Labor Department will release its report on nonfarm payrolls and the unemployment rate.
Global data points could be pivotal to the Aussie’s near-term upside because it is considered one of the riskier currencies and an accurate gauge of risk appetite.
Australia itself is struggling to foster growth outside of the mining sector, indicating that while the China data is helpful, Australia’s domestic, non-export economy could use additional support.
Elsewhere, AUD/JPY rose 0.16% to 92.91 while AUD/NZD fell 0.08% to 1.1356.
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Forex - AUD/USD rebounds after China data
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