FX.co ★ Global macro overview for 13/01/2016

Global macro overview for 13/01/2016:

The trade balance data from China was released overnight and they revealed that for the first time in six months China's trade surplus has increased ( $60.1bln vs. $52.5bln expected). The exports was way better than expected ( -1.4% y/y vs. -8.0% y/y expected), but the imports dropped to the level of 7.6% y/y ( -11.0% y/y expected). Nevertheless, a surge in exports last month might happen because of a shopping spree at the end of the year and it is hard to say whether this trend will continue over the next months.

The NZD/USD pair is trading right at the daily channel support at the level of 0.6515. The next resistance is seen at the level of 0.6578.