Currency Update: AUD traded higher again after the release of January's trade figures from China, AUD jumped from around USD 0.9000 level when we learned that...

Currency Update: AUD traded higher again after the release of January's trade figures from China, AUD jumped from around USD 0.9000 level when we learned that exports for January increased by 10.6%. Imports rose strongly by 8.3%.These figures pushed the monthly trade surplus to USD31.9bn. Later this morning we will hear local employment figures where the market is expecting an increase of 15k jobs and the unemployment rate to kick up from 5.8% to the 5.9% level. The Bank of England raised its growth forecasts for the UK from 2.8% to 3.4% for 2014 and projected unemployment to fall to 7%. Inflation is projected to remain low for the next several years. They also joined the US Fed in providing forward guidance on interest rates saying that interest rates would remain low for the foreseeable future since there is good bit of spare capacity in the UK economy.