HomeContributorsFundamental AnalysisAustralia's Trade Surplus Narrowed Sharply In October

Australia’s Trade Surplus Narrowed Sharply In October

For the 24 hours to 23:00 GMT, the AUD declined 0.55% against the USD and closed at 0.7564.

LME Copper prices declined 1.6% or $106.0/MT to $6539.0/MT. Aluminium prices declined 1.2% or $23.5/MT to $2028.5/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7549, with the AUD trading 0.2% lower against the USD from yesterday’s close, after latest data showed that Australia’s trade surplus slumped in October.

Data showed that Australia seasonally adjusted trade surplus narrowed more-than-anticipated to A$105.0 million in October, hitting its lowest level in six months, amid a sharp fall in exports and a rise in imports. The nation had registered a revised surplus of A$1604.0 million in the previous month, while markets were anticipating for a surplus of A$1400.0 million.

On the other hand, the nation’s AiG performance of construction index climbed to a level of 57.5 in November, notching a four-month high level and following a reading of 53.2 in the prior month.

The pair is expected to find support at 0.7528, and a fall through could take it to the next support level of 0.7507. The pair is expected to find its first resistance at 0.7584, and a rise through could take it to the next resistance level of 0.7619.

The currency pair is trading below its 20 Hr and 50 Hr moving averages.

GCI Financial
GCI Financialhttp://www.gcitrading.com/
DISCLAIMER : GCI's Daily Market Commentary is provided for informational purposes only. The information contained in these reports is gathered from reputable news sources and is not intended to be used as investment advice. GCI assumes no responsibility or liability from gains or losses incurred by the information herein contained.

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