* Aussie dlr edges up following China export rebound
* Euro little changed, market awaits summit later in week
* China inflation data next in focus
By Ian Chua
SYDNEY, Oct 15 (Reuters) – Commodity currencies like the
Australian dollar got off to a mildly positive start in Asia on
Monday following an unexpectedly strong bounce in China’s
exports, while the euro was little changed ahead of yet another
summit in the euro zone.
The Australian dollar drifted up to $1.0245 from
$1.0233 late in New York on Friday, pulling further from a near
three-month trough of $1.0149 plumbed a week ago.
Immediate resistance is seen around $1.0300, a level that
has capped the currency in recent sessions.
Data over the weekend showed China’s exports grew at roughly
twice the rate expected in September, while imports also
improved, raising hopes that measures to spur growth in the
world’s second biggest economy are working.
“The better than expected upswing in Chinese exports follows
similar outcomes for Taiwan and Korea and may be consistent with
a bottoming in global manufacturing PMI’s in suggesting a
possible stabilisation or improvement in global growth,” said
Shane Oliver, head of investment strategy at AMP Capital.
Attention will turn to China’s inflation data for September
due around 0130 GMT, followed by industrial output and third
quarter growth numbers on Thursday.
The Aussie also firmed against the euro, which eased to
A$1.2630 from around A$1.2655 on Friday.
Against the greenback, the single currency stood at $1.2955
, barely changed from where it closed in New York last
week. It edged up slightly against the yen to 101.62.
The market is still waiting for some clarity on when Spain
would ask for a bailout, which euro zone officials on Saturday
said could come next month.
Uncertainty about when Madrid would seek financial aid has
kept the single currency trapped roughly between $1.2800/3100
since mid-September, when its rally to a high of $1.3173 ran out
of steam.
A summit of euro zone leaders on Thursday and Friday will be
closely watched to see if there is any development on that
front.
With the euro relatively subdued, the dollar index
was also steady at 79.667, having retreated from a one-month
high of 80.205 set on Thursday.
