Aussie Holds Firm as Trade Numbers Surprise

The Australian and New Zealand dollars held steady on Thursday due to improved trade numbers. The Aussie scored a surplus of A$1.9 billion in June, beating analyst expectations of a deficit.

The strong trade numbers were largely driven by a significant increase in gold exports, which jumped 60% from May to A$7.2 billion. Additionally, record month exports to China were up 38% on a year earlier.

The kiwi dollar was also firmer at $0.5892 after easing 0.1% overnight following a mixed report on employment. The Reserve Bank of New Zealand is expected to hike rates at its next meeting on September 2, with investors wagering that it will reach 3.0% by December.