Aussie gains against major peers on positive China trade data

Aussie gains against major peers like US dollar as well as New Zealand dollar.

• The AUD/USD cross was trading 0.63% higher at $0.7162 on Monday, up from $0.7100 where the pair closed at the end of last week.
   
• The AUD/NZD cross was trading 0.42% higher at NZ$1.0757 on Monday, up from NZ$1.0729 levels.
   
• Another sharp decline in Chinese imports helped expand China's merchandise trade surplus in January.
   
• The trade surplus expanded from $60.09 billion in December to $63.3 billion last month, according to Chinese customs data on Monday.
   
• Exports fell 11.2% year-on-year in USD terms in January, coming in much worse than the 1.8% decline forecast by analysts.
   
• Imports plunged 18.8%, the fifteenth-consecutive month that imports have fallen.
   
• After the data release Chinese Yuan hits strongest level in 2016. USD/CNY pair made low at 6.4958 levels.