The Australian dollar weakened today as the nation’s trade balance deficit widened unexpectedly in May, damping optimism for the currency but not erasing it completely.
Australia’s trade gap surged from A$780 million in April to A$1,911 million in May. It was a nasty surprise for Aussie’s bulls who have counted on a decrease to A$160 million. The Australian currency fell as a result but did not erase yesterday’s massive gains.
AUD/USD fell from 0.9495 to 0.9460, and AUD/JPY declined from 96.40 to 95.97 as of 10:46 GMT today.
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