Australia's trade surplus unexpectedly soared to 7,079M MoM in November, outperforming expectations and driving a slight dip in the Australian Dollar.
Australia's trade surplus surged to 7,079M MoM in November, exceeding market forecasts of 5,750M and the previous reading of 5,670M (revised from 5,953M). According to the Australian Bureau of Statistics, Exports jumped by 4.8% MoM in November, up from 3.5% (revised from 3.6%) in the preceding month. Meanwhile, Imports increased by 1.7% MoM in November, compared to 0% (revised from 0.1%) in October. At the time of writing, the AUD /USD pair is down 0.29% on the day to trade at 0.6198.
Key factors influencing the Australian Dollar (AUD) include interest rates set by the Reserve Bank of Australia (RBA), the price of iron ore (Australia's major export), the health of the Chinese economy (its largest trading partner), Australian inflation, growth rate, and Trade Balance. Market sentiment, with risk-on scenarios generally positive for AUD, also plays a role. The RBA impacts AUD by setting interest rates that Australian banks lend to each other, influencing overall economic rates. The RBA aims to maintain a stable inflation rate (2-3%) by adjusting interest rates, with relatively high rates compared to other major central banks supporting AUD. Quantitative easing and tightening measures can also influence credit conditions, with the former being AUD-negative and the latter AUD-positive
AUD AUSTRALIAN DOLLAR TRADE SURPLUS AUSTRALIA RESERVE BANK OF AUSTRALIA ECONOMICS INTEREST RATES IRON ORE CHINESE ECONOMY
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