Australia’s trade statistics has been announced, a highly awaited event in which the nation’s surplus has been a stabilizing element for the country’s currency throughout the current crisis.
Australia It’s possible to strike a balance between products and services. (Reuters poll: a$+10,000 mln) A$+9,681 mln, s/adj
Exports increased by 6% month over month, seasonally adjusted, compared to 3% in April.
Seasonally adjusted imports increased by 3% MoM.
The Australian dollar is down 0.16 percent on the day so far, trading at 0.7488 seconds after the release, as investors wait for the final US data of the week, the all-important Nonfarm Payrolls.
The focus in markets this week has been on the coronavirus outbreak, which has benefited the dollar, sending it to new cycle highs overnight as investors flee the countries most afflicted by the current Delta wave; Australia has been one of the countries affected.
The US Dollar Index is a measure of the value of the US dollar RSI probes that are overbought Bulls in the DXY are approaching a three-month high.
AUD/USD: Near 0.7500, AUD/USD is preparing for a yearly low due to coronavirus fears, but it is firming. USD
The Australian Bureau of Statistics publishes the trade balance, which is the difference between the value of its imports and exports of Australian goods. Data on exports can be a good indicator of Australian growth, while imports can be a good indicator of domestic demand. The trade balance is a good predictor of net export performance. If there is consistent demand for Australian exports, the trade balance will improve, which will be good for the AUD./n
