Aussie ascends on trade data

Aussie ascends on trade data

On Tuesday, the Australian dollar managed to gain moderately in Asia because the trade balance came in much better than expected with Australia's major bank set for an interest rate decision later in the day. Meanwhile, market participants are cautious ahead of a gathering this week between American President Donald Trump and Chinese President Xi Jinping in Florida supposed to be contentious on trade.

The US dollar index, normally estimating the greenback’s actual strength against a trade-weighted basket of six main currencies, declined 0.02% to 100.34.

Australia posted a trade balance surplus of A$3.574 billion, almost double the A$1.80 billion observed as exports added 1% and imports sagged 5%.

Later, the Reserve Bank of Australia is going to review its monetary policy and it’s expected to stay on hold at a record minimum of 1.50% for the benchmark rate. 

The currency pair AUD/USD reached 0.04%, hitting 0.7609, USD/JPY hit 110.65, sliding 0.23%.

 

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