Analysts at Westpac, point out that Australia's trade balance has been in surplus for 11 consecutive months and for October, they expect another surplus, albeit narrowing to $0.9bn from $1.75bn.
“Export earnings are forecast to decline by 1.7%, -$550mn. Iron ore earnings most likely fell back sharply, by around $1bn, reversing gains of the past two months, on lower prices, as well as softer volumes (most likely for lower grade ore). Coal volumes are down in the wake of moves by China to reduce thermal coal use. LNG volumes bounced back following recent disruptions, providing a partial offset.”
“The import bill is expected to rise by 0.9%, $0.3bn, as the weaker currency made imports more expensive. The AUD fell by 2.3% against the US dollar, to 77.9¢, and declined by 1.4% on a TWI basis.”
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 securities. 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 Forex 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.