The Australian trade balance released by the Australian Bureau of Statistics arrived as follows:
Australia’s trade balance as of Oct 11.22 billion Australian dollars (estimated at 11.150 billion Australian dollars; previous 12.243 billion Australian dollars) – Australia Exports (MoM) Oct -3% (est -1%; prev -6%) – Imports from Australia (MoM) Oct -3% (est 2%; before -2%).
The Aussie is so far unchanged on the release, trading at 0.7110, higher from a session low of 0.7100 and 0.1% higher on the day so far . From a first half perspective, the bulls might head for a test of the 38.2% Fibonacci retracement level as follows:
AUD / USD Price Analysis: High Forex Volume Indicates Continued Weekly Support
About the Australian trade balance
The trade balance published by the Australian Bureau of Statistics is the difference between the value of its imports and exports of Australian products. Export data can give an important reflection of Australian growth, while imports give an indication of domestic demand. The trade balance gives an early indication of net export performance. If stable demand in exchange for Australian exports is seen, this would turn into positive growth in the trade balance, and this should be positive for the AUD.
Check out Alex Nekritin’s article – Trading the Aussie with the Australian Trade Balance