Dollar lowers

coins, dollar, moneyThe Australian dollar has drifted lower following better than expected US jobs figures and Chinese trade numbers.

At 0700 AEDT on Monday, the local currency was trading at 77.61 US cents, down from 78.41 cents on Friday.

The US economy pumped out a better than expected 257,000 new jobs in January, official figures showed, while wage growth rebounded firmly after December’s fall.

National Australia Bank, global co-head of FX strategy, Ray Attrill, said it was the release of Chinese trade numbers that knocked the Australian dollar lower. China’s trade surplus rose 88 per cent in January, as the country’s imports declined more rapidly than its exports, official data showed.

Exports from the world’s second-largest economy fell 3.2 per cent year-on-year to 1.23 trillion yuan in January, while imports decreased 19.7 per cent to 860 billion yuan. “The Australian dollar was flat on Friday night closing at 77.96 US cents, before re-opening lower this morning on Sunday’s dire-looking China January trade data,” Attrill said.

Coming up today will be the monthly ANZ job ads survey as well as a speech by Reserve Bank governor Glenn Stevens.

AAP

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