Australia's Trade Balance Narrows to AUD495M in August
Australia's trade balance narrowed to A$495M in August from a revised surplus of A$1,351M in the previous reading. According to the latest foreign trade data published by the Australian Bureau of Statistics on Thursday.
One of the key factors influencing the value of the Australian Dollar is the level of interest rates set by the Reserve Bank of Australia (RBA). The RBA influences the AUD by adjusting interest rates, which can have a significant impact on the economy as a whole. The main goal of the RBA is to maintain a stable inflation rate of 2-3%.
Another major factor affecting the value of the Australian Dollar is the price of Iron Ore, Australia's largest export. When the price of Iron Ore rises, it tends to push up demand for the AUD and increase its value. The opposite is true when the price falls.