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Aussie dips as China imports contract
China’s imports in May declined 8.5% from a year earlier, the biggest shrinkage since July 2016, in further evidence that the US-China tariff conflict is taking a heavier toll on the economy. Exports for the month came in better than expected, rising 1.1% y/y versus expectations of a 3.8% fall. As a result of the lower imports, the trade surplus for the month rose to $41.65 billion from $13.83 billion in April. The weak imports numbers had an adverse impact on the Australian dollar, which fell 0.44% from intra-day highs above 0.7000 to 0.6979 versus the US dollar. The FX pair has once more failed to break above the ... (full story)