Australia’s Trade Balance: AUD +8.025 bn (expected AUD +9bn), bearish for AUD

• AUSTRALIA MAY BALANCE GOODS/SVCS A$+8,025 MLN, S/ADJ (REUTERS POLL: A$+9,000 MLN)
• 01-Jul-2020 19:30:01 – AUSTRALIA MAY GOODS/SERVICES EXPORTS -4 PCT M/M, SEASONALLY ADJUSTED
• 01-Jul-2020 19:30:01 – AUSTRALIA MAY GOODS/SERVICES IMPORTS -6 PCT M/M, SEASONALLY ADJUSTED

AUD/USD, which has been in an upside burst ahead of the data of 10 pips is starting to come off as the data misses expectations.

  AUD/USD will remain under the spell of global equity markets, while the crosses will move more closely to fundamentals,

analysts at ANZ Bank argued. 

Description of the Australian Bureau of Statistic

The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods. Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand. Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.
Review Alex Nekritin’s Article – Trading the Aussie with Australia Trade Balance