Australian dollar dips on negative trade balance

Australian dollar dips on negative trade balance

On Friday, the Australian dollar went down versus its key rivals following the publication of November’s trade balance figures. The data showed A$628m deficit, surpassing analyst hopes for an A$550m surplus. Last month’s trade balance figures were also updated lower from an A$105m surplus to an outcome of A$302m.

The trade balance data posted minor change in exports from the previous month, while imports tacked on 1%. Local bond yields edged down along with the Australian dollar, probably due to the worse than anticipated data as well as the downward revision in last month’s trade balance data. Today’s price action emerged after a 13-day soar in the currency pair AUD/USD.

With the revision in mind, the report points to 2 months of negative trade balance performance that hasn’t taken place since October of 2016. Apparently, the Reserve Bank of Australia isn’t set to have a meeting this month, although it will have its first policy gathering of this year on February 7.

 

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