The fallout from the soft Chinese trade data reverberated Monday but the fear trade was limited. The yen was the top performer while the Australian dollar lagged. The focus now switches to today's Bank of Japan decision. In our existing Premium Insights, 1 USDJPY long awaits final target at 103.80, 1 GBPUSD long in progress alongside 1 EURUSD, 1 NZDUSD, 2 AUDUSD, 1 AUDCAD and 2 AUDNZD remain in progress. All trades and charts are in the latest Premium Insights.
Chinese trade data was almost certainly skewed by holidays but it was also very weak and it spurred some paring of risk leading and a fall in AUD/USD to 0.9015 from 0.9070 on Friday. The low matched the 50% retracement of last week's rally in a sign the move could be more of a standard bounce than genuine concern about China.