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Australian Dollar Strengthens Against Most Majors On Upbeat China Data

2/7/2013 9:21 PM ET

The Australian dollar reversed early Asian session's bearish trend against most of its major rivals on Friday following the release of a better-than-expected trade data from China.

Chinese Trade Balance rose $29.15 billion in January compared to $31.6 billion in the previous month. Economists had expected a surplus of $24.7 billion in the month.

The Australian dollar approached near the 1.03 level against the US dollar amid data, up from a fresh multi-month low of 1.0258 hit earlier in the session.

The aussie also inched higher to 96.37 against the yen and 1.3020 against the euro from a session's lows of 95.93 and 1.3058, respectively.

by RTT Staff Writer

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