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Aussie Soft on Australian Home Loans & China’s Trade Data

December 10, 2012 at 13:25 by Vladimir Vyun

Australian 100-dollar billThe Australian dollar was soft today as the increase of home loans missed estimates and the trade data of China, the biggest Australia’s trading partner, was disappointing, reducing prospects for Australian exports.

The Customs General Administration of China reported that China’s export grew 2.9 percent in November from a year ago, while imports were unchanged. The number of dwelling commitments in Australia rose by just 0.1 percent from September to October, frustrating analysts who have expected an increase by 3.1 percent. The Australian currency, which was relatively strong last week, weakened today, though managed to erase losses against its US counterpart.

AUD/USD traded at about 1.0498 as of 13:25 GMT today, following the earlier drop from 1.0487 to 1.0464. AUD/JPY fell from 86.52 to 86.23.

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