Australia's Trade Balance Surplus Boosts Aussie Dollar Amid Weakening Safe-Haven Demand

Australia's Trade Balance for June showed a significant turnaround, shifting to a surplus of A$1,929 million month-over-month (MoM), far exceeding expectations. The revised deficit from the previous reading was A$2,367 million, while market forecasts anticipated a deficit of A$1,100 million.

The positive shift in Trade Balance was driven by a sharp 9.6% MoM increase in exports, rebounding from a revised 7.6% drop in May. Meanwhile, imports edged down by 0.2% MoM, reversing the 0.9% gain recorded the prior month.

The AUD/USD pair remains steady after two days of gains, trading around 0.7060 during the Asian hours on Thursday. The Australian Dollar (AUD) has remained calm following the release of domestic Trade Balance data.