Risk appetite nudged higher in Asia after China’s December trade surplus came in well above consensus. AUD and NZD advanced throughout the session and even the euro staged a modest comeback. Surprisingly, AUD was not held back by the very weak China import numbers which were the root cause of the wider trade surplus. We shall be closely watching the geographical breakdown of imports when the more detailed trade data is released later this month. Any sign that Chinese demand for Australian coa…
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