Australia and NZ Dollars Firm Amid Trade Boom

The Australian and New Zealand dollars held firm on Thursday, buoyed by strong trade numbers. Australia's exports jumped 60% in June, driven largely by a surge in gold sales to China, which rose 38% year-over-year.

This came as a surprise to analysts, who had forecast a deficit of A$1.1 billion but instead saw a surplus of A$1.9 billion. The Reserve Bank of Australia is expected to keep rates steady at its next meeting, with markets pricing out any chance of a hike.

The kiwi dollar also held steady, despite some employment data that was seen as mixed. Markets remain convinced the Reserve Bank of New Zealand will raise interest rates in September, aiming for a neutral level between 3.0% and 3.25%.