Australia’s current account deficit narrowed to -$A9.74 bln in Q3 after exports jumped nearly $A7 bln from the three-month period prior. The move marks the second consecutive quarter that the metric improved, as exports of coal and iron ore rose. With retail sales rising in October, the three months ending the year may actually see imports rise and widening the deficit. However, with recessionary pressures still hindering the country’s ability to spend, sales may be dampened in December.
AUDUSD traded through 0.6389 at 20:43 EST.
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