Australia’s Trade Balance in October surged to AU$2.952 billion from a revised AU$1.25 billion the month prior. Economists had expected an increase to only AU$1.4 billion. The move comes as exports as exports of coal continued to leap. With a 26% decline in the value of the Australian currency against the U.S. Dollar, the South Pacific country’s goods have been made more affordable to the outside world. In fact, exports jumped 1.76% after September’s increase of 1.51%. A reversal of the nation’s trade trend may be in the works as yesterday’s Reserve Bank announcement stated that the bank may be in a position to halt its policy of monetary easing.
AUDUSD traded through 0.6472 at 19:48EST.
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