Australian May trade balance is a surplus of 2238mn
expected surplus 5091mn, prior surplus 5413mn
Exports -2.7% m/m
prior -2.4%
Imports +3.8% m/m
prior +1.1%
Little impact from the data on the AUD. Its moving more on global developments than local data. This data won’t prevent the Reserve Bank of Australia from a rate cut next week (July 8). A 25bp cut is widely expected.
This article was written by Eamonn Sheridan at www.forexlive.com.