The Australian dollar is showing some resilience today, brushing off terrible data out of China and remaining above the US71c mark.
At 10.13am (GMT) the Aussie dollar was trading at US71.53c up from US71.04c at close of trade on Friday.
Exports out of China dropped a whopping 11.2 percent year on year in January against analysts’ expectations of a 1.9 percent fall.
The import figure fared even worse coming in at – 18.8 percent against a consensus of 0.8 percent, casting a big cloud over the Chinese economy
It’s just another round of figures which have helped the Chinese economic growth rate fall to 6.9 percent which is good by most standards but, leaves the world’s 2nd biggest economy at growth levels not seen for a quarter of a century.
Surprisingly the Australian dollar was able to brush off all of the disappointing data and rally on the news which may be attributed to the rise in commodity prices and global markets such as last Friday’s 13 percent bounce in the oil price and today’s strong rebound in the Aussie stock market.