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The Aussie boomerangs back, but for how long?
Following a big sell-off last week, upbeat economic data out of China has helped the Aussie bounce back a little this week. London-based trader Ken Veksler says: "We're stuck in a range which has created a triple bottom around the 86.40 area. We've bounced out of there three times, helped by data out of China".
Recent data revealed that China's exports and imports in September were far higher than expected, according to official data. Exports were 15.3% higher than last year, while imports rose 7%, giving a trade surplus of USD 31bn for the month.
Looking ahead, Ken explains that when it comes to AUDUSD, it's "essentially a dollar led story", as the Reserve Bank of Australia looks to talk down the currency. In terms of levels, he thinks it's tough time for the Aussie above 88.5 in the near term.
01:09 minutes
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