Raw currencies ignored weak data from China. Today, it became known that exports from China grew in September this year but, it turned out to be worse than the forecasts of economists. According to the data of the China Customs, exports in September increased by 8.1% in 2017 compared to the same period last year. Economists expected the export growth in September to reach 10%. On the other hand, Import in September grew by 18.7% compared with the same period last year, while economists expected growth in September to be at 15%.
Accordingly, the positive balance of foreign trade in September 2017 decreased to 28.47 billion US dollars against 42 billion dollars a month earlier.
The Australian dollar ignored the comments of the Reserve Bank of Australia when it comes to further monetary policy and the state of the country's economy.
The RBA noted that the attention will be focused on household debt and the Australian housing market, as the ratio of household debt and incomes continues to deteriorate. Signs of a slowdown in price growth are still very weak and vary from region to region, despite a small stabilization of the housing market.
The regulator also drew attention to the fact that the stability of the financial system of Australia has increased, as the economic conditions in the world have improved in the last six months.
As for the technical picture of the AUD/USD pair, it is necessary to consolidate above the level of 0.7875 to resume the growth of the trading instrument. Hereinafter, it will be possible to count on a larger upward trend to 0.7915 and 0.7975.
If it fails to reach even the level of 0.7850 in the near future, the pressure on the Australian dollar will increase and could lead to the return to the area of monthly minimums of 0.7735 and the update of larger support levels located in the 0.7675 area.
Yesterday, oil prices managed to regain their positions after the publication of data on reserves in the US.
According to the report of the US Department of Energy, the commercial oil reserves in the US decreased by 2.7 million barrels to 462.2 million barrels for the week from September 30 to October 6. Economists expected a decline in inventories of 1.7 million barrels.
Gasoline stocks increased by 2.5 million barrels against the forecast of a 600,000 barrel drop in inventories to 221.4 million barrels while distillate stocks fell by 1.5 million barrels to 134 million barrels.
Quotations of West Texas Intermediate (WTI) oil remain at the upper border of the channel in the area of 51 US dollars. Only a breakout in this range can lead to the resumption of demand and the return of the trading instrument to the area of monthly highs in the area of 52.55. Unsuccessful consolidation and return under the level of 51 U.S. dollars could negatively affect the demand which will return oil prices to the support area of 49.50 in the upcoming week.