Chinese Trade Data underpins Asia FX

Oct 13 (Reuters) – Rosy Chinese data and the soft dollar lifted emerging Asian currencies on Friday, except for the Singapore dollar which dipped on the central bank’s cautious outlook for the economy.

China’s yuan perked up to its highest in three weeks and was headed for weekly gains, helped by weakness in the dollar and encouraging trade data.

Imports in dollar-denominated terms grew 18.7 percent in September from a year earlier, beating analysts’ forecasts for a 13.5 percent expansion and accelerating from 13.3 percent in August.

The gain was stronger than the most optimistic forecast in a Reuters poll of analysts.

The trade data also showed China’s iron ore imports vaulted to a record high in September as the world’s top steel producer imported ore to raise production ahead of the winter crackdown on air pollution.

“China trade data seems to be making the big risk appeal in the region and it seems to be the overriding factor today,” said Stephen Innes, senior trader at FX broker OANDA.

 

Nasdaq Via Reuters

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