Positive Shift in China's Trade Conditions

In April, China's trade surplus in dollars expanded from $58.55 billion to $72.35 billion, with economists forecasting a surplus of $76.7 billion.

Exports in April increased by 1.5% year-on-year, compared to a 7.5% decline in March, with economists predicting a 1.0% growth. Imports in April grew by 8.4% year-on-year, contrasting with a 1.9% decrease in March, with economists forecasting a 5.4% growth.

China's latest trade data indicates an improving demand environment, aligning with April's private sector Purchasing Managers' Index (PMI) data. In April, the Caixin Manufacturing PMI rose from 51.1 to 51.4. According to surveys, the growth rate of overseas orders has reached nearly its highest level in almost three and a half years.

Response of AUD/USD

Prior to the release of statistical data, the Australian dollar against the US dollar fell to a low of $0.65693, then rose to a high of $0.65838.

However, the reaction to China's trade data pushed the Australian dollar against the US dollar from $0.65749 to a high of $0.659080.

On May 9, the Australian dollar against the US dollar rose by 0.02% to $0.65804.

US Jobless Claims and FOMC Discussion

On May 9, US jobless claims will be a focal point for investors. Economists predict that for the week ending May 4, initial claims for unemployment benefits will increase from 208,000 to 210,000. If the figure exceeds expectations, it could increase investors' bets on a September Fed rate cut.

However, investors must consider discussions among FOMC members, especially concerns about sticky inflation. FOMC voting member Mary Daly will deliver a speech today, emphasizing views on the economy, inflation, and the Fed's rate path.