Remember, AUD/USD just breached January lows in early October and traded down to $0.8643, its lowest level since January 2010. With global growth concerns and weaker commodity prices a dominant theme, the AUD will certainly be one of the key currencies to watch.
Today we receive China’s September trade balance data and this will give some insight on key commodities traded and volume, along with whether activity in China is picking up. The trade balance, due out at 13.00 AEDT, is expected to pull back to $41 billion (from the previous $49.84 billion reading). A 12% jump in exports and 2% contraction in imports is envisaged.
China’s exports, along with Premier Li’s speech, will be key for risk and emerging markets. Premier Li will be travelling in Russia and could make some stimulus-related comments. For the rest of the week, focus will shift to China’s money supply figures, PPI and CPI data.