Another month, another Australian trade surplus. In the olden days if you said 'Deficit!' Australia would respond, 'Sir, yes sir! How high?'
+1604 AUD mln trade balance for August
- expected surplus 1450mln AUD
- prior AUD +1548mln, revised from +1551m
Exports +1% m/m
- imports more or less unchanged m/m
The other thing about olden days, when the trade deficit was announced each month the AUD would drop like a rock. Now we get surplii (plural of surplus? dunno really but it sounds cool) and the AUD does very little. Put that down to we all secretly love bad news. :-D Anyway … <rant complete>
As I said earlier, the focus is on offshore developments, rising US rates and rising trade tensions, not domestic data. For now anyway.
AUD not doing much since its overnight (and early morning) drop.
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For background:
