SYDNEY (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 stabilization 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 .DXY was also steady at 79.667, having retreated from a one-month high of 80.205 set on Thursday.
Editing by Wayne Cole