Australia Surprises with Trade Balance Surplus

Australia's Trade Balance shifted to a surprise surplus in June, with a deficit of A$1,929 million (M) on month-over-month (MoM) data. This contrasts with market consensus for a deficit of A$1,100 million.

Exports rose by 9.6% MoM in June, following a fall of 7.6% seen a month earlier, while imports declined by 0.2% MoM compared to an increase of 0.9% in May.

The Australian Dollar (AUD) pared losses after the report, trading at 0.7055 against the US dollar (USD), losing 0.03% on the day.