• The Aussie largely ignored upbeat Australia trade balance data, remained largely muted on the day.
   
• Australian trade balance showed that the trade deficit shrank to AUD -2.41bln in July versus AUD -2.70bln expected and AUD -3.19bln in the previous month.
   
• Aussies subdued after the release of China’s trade report, which disappointed on the downside.
   
• Chinese surplus balance for Aug missed expectations, but both exports and imports came in much stronger-than expected.
   
• China Trade Balance: USD 52.0 Bln (expected USD 58.85 Bln, previous USD 52.31 Bln)
   
• China Exports USD (YoY): -2.8% (expected -4%, previous -4.4%)
   
• China Imports USD (YoY): +1.5% (expected -5.4%, previous -12.5%)
   
• Inflation figures from China due Friday also in focus for fresh impetus on the major.
   
• Technically the major is holding a break above major trendline resistance and 20-DMA which is now strong support. We see weakness only on break below.