Aussie Trade Balance weighs on AUD/USD despite higher surplus
|The Trade Balance has been released as follows:
- Australia Trade Balance Oct: A$12.217Bln (est A$ 12Bln, prev A$12.444Bln).
- Exports MoM Oct: -1% (est 1%, prev 7%).
- Imports MoM Oct: -1% (est 2%, prev 0%).
AUD/USD update
AUD/USD is sliding following the data, down some 0.2% and making a low of 0.6709 so far for the session.
Technically, the price is bearish while below the prior trendline support and pressured by supply at a key daily resistance area.
About the Trade Balance
The data that is released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers.