AUD/USD Shrugs Off China Trade Data, Sinks on Biden Stimulus News

China’s trade balance for December crossed the wires at US$78.17, according to the DailyFX Economic Calendar. Both imports and exports beat analysts’ expectations, rising 6.5% and 18.1% in dollar terms, respectively. The outsized increase in export growth fueled China’s trade surplus despite the increase in imports. China’s trade surplus with the United States rose $29.9 billion, bringing the 2020 total to $316.9 billion. The Yuan was little changed on the release, but USD/CNH moved higher as the Greenback caught a bid on reports that the incoming Biden administration is aiming for a much larger stimulus … (full story)