China’s exports imports fell in March | Forex Signals by FxPremiere.com
- China’s exports fell 6.6% in March from a year ago, while imports slipped 0.9% in the same month, data from the General Administration of Customs showed on Tuesday.
- The country’s March trade surplus was $19.9 billion, as compared to the $18.55 billion that economists polled by Reuters had expected.The country’s March trade surplus was $19.9 billion, as compared with the $18.55 billion that economists polled by Reuters had expected.
Earlier this year, China reported combined trade data for the months of January and February.
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The China-U.S. phase one trade agreement is gradually being implemented, said Li Kuiwen, spokesperson for the General Administration of Customs, according to a CNBC translation of his Mandarin-language remarks at a press conference.
Dollar inches lower as investors brace for Chinese trade data
The Australian and New Zealand dollars held on to overnight gains but so did the safe-haven Japanese yen, highlighting investor uncertainty about the outlook.
The yen last sat at 107.62 per dollar, a touch above a two-week high hit on Monday. The Aussie held at $0.6400, just below a month-high it hit overnight.
“We’re seeing hard data from March. It’s the real stuff,” said Westpac currency analyst Imre Speizer.
“February data was a bit meaningless, but March is partly useful..anywhere you get current March data, or later, it’s going to be the thing.”
Currency moves were modest ahead of the release. The New Zealand dollar steadied at $0.6094, with the pound at $1.2510 and the euro (EUR=) at $1.0919 – lifting from a week-low hit early in the session.
The grim trade report is likely to reinforce views that China’s economy sharply contracted in the first quarter for the first time since at least 1992.
“What is clear is that whatever path the global and domestic economies follow, the effects of this recession will be severe and long lasting,” the department’s report said.
That is only likely to heighten investors nerves ahead of the start, later on Tuesday, of a dour U.S. earnings season, beginning with J.P. Morgan (N:JPM) and Wells Fargo (N:WFC).
Though volatility-boosted trading earnings may deliver a silver lining for the banks, earnings for S&P 500 firms are expected to tumble 10.2% in the first quarter, compared with a Jan. 1 forecast of a 6.3% rise.Better Still Sign Up For our FX Signals DailyRead more on Forex News TodayDownload our Forex Signals APP