AUD/USD at three-week low

The Australian dollar extends decline near a three week low against the dollar tracing strength in dollar overseas. The greenback gained ground amid reduced expectations of a December Federal rate cut. Further, AUD/USD pair lost momentum after China's Trade Balance for October, in Chinese Yuan (CNY) terms, arrived at CNY640.4 billion, narrowing from the previous figure of CNY645.47 billion. Exports declined 0.8% YoY in October vs. 8.4% in September. The countrys imports rose 1.4% YoY in the same period vs. 7.5% recorded previously. In US Dollar (USD) terms, Chinas Trade Surplus expands less than expected in October. The pair is currently quoting at 0.6477, down 0.14% on the day and set for a weekly drop of over 1%.

 

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