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Technical Analysis

Australian Dollar Falls as Trade Data Shows Exports Declining


The Australian Dollar depreciated against its major peers as June’s trade balance data crossed the wires. The markets were looking for a surplus of A$1800 million. Instead, they got a far smaller A$856m as exports fell 1 percent. Perhaps most worryingly, the net value of goods sold to China – Australia’s largest trading partner – fell to a lowest so far this year.

International trade accounts for about one-fifth of Australian GDP. Sluggish performance on this front can undermine overall economic growth and reduce inflation, hurting the case for RBA interest rate hikes. Indeed, 2-year government bond yields fell as the data was released. That suggested the figures translated into a dovish shift in priced-in tightening prospects.


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