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Muted Reaction To Data

AUD

Limited reaction to the data dump. Trade surplus narrowed to AUD 7.529bn, against expectations of AUD 9.872bn. Exports fell 1%, against expectations of a 1% gain, while imports rose above estimates at 5%. Exports to China fell 8% M/M

  • There was also iron ore export data released, iron ore exports by revenue fell 8%, though coal exports picked up 5.2% as China took delivery of some shipments.
  • Retail sales fell less than expected in February, the final reading falling 0.8%, against expectations of -1.1.%, while the previous reading was revised higher.
  • Home loans fell 0.4% compared to forecasts for a 2.5% rise, but earlier data showed dwelling prices surged by 2.8% across the eight capital cities in March. Signs of an overheating housing market means that there is speculation that APRA could intervene to reign in the market via macro‑prudential measures.
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