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Australian Dollar Jumps on Trade Balance Data Ahead of RBA

Australian Dollar Jumps on Trade Balance Data Ahead of RBA

Varun Jaitly, Contributor

Talking Points:

  • The AUD/USD strengthened as trade balance data reported a 4th straight month of surplus
  • Imports fell 5% as exports rose 1%, marking the largest decrease in imports since Dec. 2012
  • AUD/USD rose roughly 0.2% following the data, RBA rate decision scheduled for later today

Join Sr. Currency Strategist Ilya Spivak as he covers the RBA rate decision live as it crosses the wires today, and see what other live coverage is scheduled on the DailyFX Webinar Calendar.

AUD/USD rose nearly a quarter of a percent following the release of better than expected trade balance figures, which reported a 5 percent decrease in imports and a 1 percent increase in exports from January. Australia’s trade surplus increased to A$3.57b from January’s A$1.5b, marking the fourth straight month in which exports have outperformed imports. This release was also the strongest one-month decrease in imports since December 2012.

Exports of agricultural goods decreased slightly in February by A$195m, services and goods increased by A$76m and A$1,572m respectively. Commodities such as iron ore, coal and copper saw little change from the month prior. Merchandise exports to China increased by roughly A$100m, and fell A$3m with Japan.

The trade balance data comes just 3 hours before the Reserve Bank of Australia convenes for their monthly rate decision meeting, where they are expected to maintain the cash rate at 1.50 percent.

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.