Aussie Steady as Trade Surplus Boosts Risk Assets

The Australian and New Zealand dollars held steady on Thursday, benefiting from strong trade numbers that showed Australia scored a surplus of A$1.9 billion in June.

Exports of gold jumped 60% from May to A$7.2 billion, coinciding with a record month of exports to China, which were up 38% on a year earlier.

The Australian dollar held firm at $0.7058, while the kiwi dollar was a fraction firmer at $0.5892.

MFS Investment Management analyst Carl Ang noted that markets have priced out almost any chance of a rate hike from the Reserve Bank of Australia when it meets next week.