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In May, Australia's trade surplus rebounded steeply because coal shipments revived faster than expected from a series of cyclone-induced disruptions, thus putting exports back on track to contribute to economic surge in the quarter.
Along with recent positive reports on consumer as well as business spending, economic surge currently looks likely to have recovered from the March quarter's quite dismal 0.3% pace.
Thursday's report from the Australian Bureau of Statistics revealed that in May the trade surplus tacked on to A$2.47 billion, adding from April’s downwardly revised A$90 million and also twice surpassing market forecasts of about A$1.1 billion.
Exports of coal alone went up 62% to a cool A$5 billion because mines rushed to proceed with shipments after Cyclone Debbie destroyed rail tracks in Queensland, which appears to be one of the world's leading coal-exporting regions.
Total exports inched up 8.5% to more than revive April's dip, while imports gained 0.7%.
The United States Bureau of Labor Statistics will publish the US Consumer Price Index (CPI) m/m on January 12 at 15:30 GMT+2. The index measures a change in the price of goods and services purchased by consumers.
2022 was rough: inflation, energy crisis, and plenty of other controversial situations…
The US dollar index keeps rounding above the 103.60 historical support level. The buyers have already defended this level for three weeks, highlighting their interest in the greenback. Thus, buying USD looks less risky right now.
The Reserve Bank of Australia (RBA) will make a statement and release a Cash Rate on February 7, 05:30 GMT+2. It's among the primary tools the RBA uses to communicate with investors about monetary policy.
This week may be the most important since the year started as the Fed assess the economic outlook and the US presents fresh NFP readings.
S&P Global, a private banking company, will release a monthly change in British Flash Manufacturing Purchasing Managers Index (PMI) on January 24, 11:30 GMT+2. The index is a leading indicator of economic health as businesses react quickly to market conditions, and purchasing managers hold the most current and relevant insight into the company's view of the economy.
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