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Fundamental Forex Analysis

Surplus misses estimates despite a big beat on Exports and Imports

The China customs published Trade Balance for December in USD terms, reporting a smaller-than-expected increase in the trade surplus despite both exports and imports beat estimates by a big margin.

In USD terms,

Trade Balance (USD) came in at +46.79B versus +48B expected and +37.93B previous.

Exports (YoY): +7.6% vs.+3.2% exp. and -1.3% last.

Imports (YoY): +16.3% vs.+9.6% exp. and +0.5% last.

China’s 2019 total trade declined slightly in USD terms, but exports grew 0.5%.

Meanwhile, the AUD/USD pair stalls its decline and trades around the 0.69 handle amid better Chinese Trade data and US-China trade deal optimism. 

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