The Australian dollar traded higher against the greenback on Friday, boosted by the strong trade data from China, Australia’s biggest trading partner and on the news that the Reserve Bank of Australia (RBA) cut its growth forecast for the country’s economy.
The Aussie traded 0.14% higher at $0.9467 against the US dollar at the time of writing, while it stood at A$1.4170 against the euro at the same time.
RBA
The Reserve Bank of Australia released its latest quarterly Statement on Monetary Policy on Friday, stating the economy grew at a slower pace this year and the business conditions were below average.
The Bank expected the country to expand between 2% and 3% in the year to December 2014 compared to its previous growth forecast of 2.5% to 3.5%.
RBA estimated that the country’s economy would grow at a passive pace over the next year, “the unemployment rate is likely to continue to drift higher for a year or so, but is forecast to decline through 2015 as non-resource activity picks up,” the bank commented in a statement.
China Upbeat Data
China’s trade surplus advanced to $31.1 billion in October, up from September’s surplus of $15. Billion and beating estimates of $24.28 billion, the General Administration of Customs confirmed.
Exports were 5.6% higher from last year’s level, after an unexpected drop of 0.3% in September, according to data released from the General Administration of Customs. Analysts forecasted a rise of 1.5% in exports in the previous month. The import growth remained slightly stronger by 7.6% in October.
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