Australia Trade Surplus Eighth In a Row With Record Exports

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  • #18444
    Corporal
    Participant

    Record exports saw Australia reach a much larger…

    [article]1092[/article]

    #18445
    Truman
    Participant

    Despite this strong result the $AUDUSD sold off to under 71 – shows you the flow on from the strong USD against the EUR and GBP but also the strong yen both hitting it. This would only benefit exports going forward.

    #18451
    ClemSnide
    Participant

    [quote=”Blarney” post=8245]Despite this strong result the $AUDUSD sold off to under 71 – shows you the flow on from the strong USD against the EUR and GBP but also the strong yen both hitting it. This would only benefit exports going forward.[/quote]

    Australia is considered a proxy for the health of the Chinese economy. Best example is post GFC where Australia has flourished from trade flows. Fears of global protectionism have put pressure on commodity-dependent currencies.

    On Friday $AUDUSD hit a two-and-a-half year low trading at $0.7045. September was the sixth losing month of the year. Since Aug. 1 when President Trump announced plans to double the already planned tariffs on China, the ussie has lost 5.1% against the USD.

    Minutes from The Reserve Bank of Australia’s September meeting:

    “Members observed that there were still significant tensions around global trade policy and that this represented a material risk to the outlook,”

    “The direction of international trade policy in the United States continued to be a source of uncertainty for the outlook for the world economy,”

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