The Australian dollar dropped today as the trade balance turned out to be worse than economists expected. The improving services industry did not help the currency.
Australia’s trade surplus shrank from A$2.02 billion in May to A$0.86 billion in June on a seasonally adjusted basis. The actual value was far below A$1.78 billion predicted by analysts. Meanwhile, the Australian Industry Group Australian Performance of Services Index climbed from 54.8 in June to 56.4 in July (also seasonally adjusted).
AUD/USD dropped from 0.7964 to 0.7925 as of 11:04 GMT today. EUR/AUD advanced from 1.4875 to 1.4934, rising for the fifth day in a row.
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