By George Hopkinson
The AUDUSD pair gained traction in the second half of last week, boosted by the optimism surrounding the United States (US)-China trade talks and closed the week in the positive territory. However, with the so-called “phase one” trade agreement failing to ease market fears over potential further escalation of the trade dispute, the pair started the week under pressure and erased a portion of last week’s gains.
Meanwhile, the data published from China revealed that the country’s trade balance widened to $39.65 billion in September. However, the fact that exports contracted by 3.2% annually and imports fell by 8.5% in the same period suggested that the widening surplus was due to a bigger decline in imports than exports and failed to help the antipodean currencies find demand.
In the second half of Monday the AUDUSD was subdued amid the Columbus Day holiday in the US.
Today the Reserve Bank of Australia will be releasing the minutes of the monetary policy meeting that took place on October 1st. Participants will be looking for fresh clues regarding one more rate cut before the end of the year.
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