Forex - AUD/USD Flows: Small step higher on trade data beat, but imports fell

 00:40 (GMT) 09 Jan

  [Forex Flows]

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AUD/USD inches higher after a strong beat on trade surplus. Even though exports rose in November, imports fell and again suggesting weakness domestically. AUD/USD found support at 0.6850 on Wed and is likely to consolidate between 0.6850-0.69 today with focus on tomorrow's retail sales data as risk sentiment stabilises and likely to modestly improve as the worst-feared scenarios from the ME tension looks unlikely now following measured approaches seen on Wednesday.
January has tended to be a good month for the CNY, perhaps seasonal demand before Lunar New Year playing a key role. That should help the AUD to stabilise after a rough start to the year which might be attributed to the sharp rally in December. The key focus this month for AUD will be on the employment report due later this month.

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