Aussie June Trade Balance: Surplus A$+10,496 mln vs Reuters poll: A$+10,450 mln

The Aussie Trade Balance has arrived as follows: Surplus A$+10,496 mln vs Reuters poll: A$+10,450 mln AUD/USD reaction & update AUD/USD is steady on t  |  05/08/2021 01:34

Australia's balance of goods and services for June seasonally adjusted, released by the Australian Bureau of Statistics on Thursday is out.

The Aussie Trade Balance has arrived as follows:

  • Surplus A$+10,496 mln vs Reuters poll: A$+10,450 mln
  • Exports +4 pct m/m, seasonally adjusted.
  • Imports +1 pct m/m, seasonally adjusted.

AUD/USD reaction & update

AUD/USD is steady on the release at 0.7380 between a narrow range for the session so far, but it failed to hold its break above 0.74 overnight, as higher US yields supported the USD.

In what has otherwise been a bullish week for the Aussie, it has been forced into a downshift midweek as the US dollar firms following hawkish Federal Reserve comments from some members. 

Fed's Vice Chair Richard Clarida said that he is expecting conditions for raising rates to be met by the end of 2022.

The divergence of banks is back into the US dollar's favour after brief favouritism to the Aussie when the Reserve Bank of Australia surprised with a hawkish hold, sticking to its tapering objectives. This is all despite the latest lockdown extensions in the nation.  

However, as analysts at ANZ Bank argue, ''more certainty in the growth outlook is needed for the AUD to push higher.''

About the Trade Balance

It is released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.

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