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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.

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“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).”