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Australian Current Account Deficit Improves Sharply As Exports Rise

Tuesday, 02 December 2008 00:35:55 GMT

Written by Luis Gil, DailyFX.com

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 add full-time jobs, sales may be dampened in November and December.

AUDUSD traded through 0.6389 at 20:43 EST.

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