Australia’s June trade surplus at $A1.873 punched through the most optimistic forecast of $A1.3b (market $A900m) with exports +3% and imports -1% (although capital goods +5%), notes the research team at TD Securities.
Key Quotes
“AUD slept through the strong report but Q2 retail sales tomorrow might be the jolt it needs with the market looking for +0.8%/q to give a solid start to Q2 GDP (TD GDP tracking +0.8%/q).”
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