HomeContributorsFundamental AnalysisAustralia's Trade Surplus Narrowed More Than Estimated In May

Australia’s Trade Surplus Narrowed More Than Estimated In May

For the 24 hours to 23:00 GMT, the AUD rose 0.59% against the USD and closed at 0.7664.

LME Copper prices declined/rose 2.52% or $176.0/MT to $7147.0/MT. Aluminium prices rose 0.13% or $3.0/MT to $2317.5/MT.

In the Asian session, at GMT0300, the pair is trading at 0.7650, with the AUD trading 0.18% lower against the USD from yesterday’s close.

Overnight data indicated that Australia’s AIG performance of construction index declined to a level of 54.0 in May, compared to a reading of 55.40 in the previous month.

Moreover, the nation’s seasonally adjusted trade surplus narrowed to AUD977.0 million in May, from a revised trade surplus of AUD1731.0 million in the prior month. Market participants had envisaged trade surplus to fall to AUD1000.0 million.

The pair is expected to find support at 0.7634, and a fall through could take it to the next support level of 0.7617. The pair is expected to find its first resistance at 0.7672, and a rise through could take it to the next resistance level of 0.7693.

The currency pair is trading between 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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