AUD/USD trades almost three-quarters of a percent lower in the 0.6640s on Tuesday, after the release of Australian Current Account Balance data for Q1 shows a 4.9 billion (AUD) deficit when a 5.9 billion surplus had been expected.
AUD/USD declines after the release of the Australian Current Account Balance uncovers a deficit in Q1. The data indicates less profits from exports and lower economic growth, weighing on the Australian Dollar. The US Dollar, meanwhile, bounces after Monday’s steep decline following lower-than-expected US manufacturing data. AUD/USD trades almost three-quarters of a percent lower in the 0.6640s on Tuesday, after the release of Australian Current Account Balance data for Q1 shows a 4.
1% YoY, “its slowest reading since January 2022,” according to Jason Coombs, an Economist at Westpac, who says the data may provide a hint of what’s to come in official statistics. “The inflation measure has tracked above the official ABS monthly and quarterly inflation results since the middle of last year. Taken alone this could be a sign we may see some better inflation progress in May. However, it’s too early to draw too much from the move,” added Coombs.
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