AUD/USD is just off session highs of 0.6520, last at 0.6515/20. August trade data was a mixed bag. The surplus slightly lower than forecast (A$8.32bn, versus A$10bn expected). This owed to stronger than expected import growth at +4%, versus +1% forecast. This does speak to a resilient domestic demand backdrop, all else equal. Exports were also firmer, +3% (+2% forecast), more details to follow on this. The currency hasn't reacted a great deal to this print though.
- Outside of NZD and SEK, the A$ is outperforming the rest of the G10 complex, although the margin is not large.
- AUD/JPY is the exception, buoyed by higher US equity futures. The pair was last at 94.10/15, challenging the 100 day MA which comes in around this level. This pair is up 0.30% since the NY close.