- Australia’s Trade Balance beat expectations, but cash amounts are still contracting amidst worsening trade conditions.
- Imports held steady but Exports fell, undercutting the positive reading.
The AUD/JPY is shifting in place just above the 80.00 major technical handle after Australia’s Trade Balance beat expectations, but the Aussie is struggling to develop wheels against the safe-haven Yen.
Australia’s Trade Balance clocked in at $1.551 billion, beating the forecast contraction but still coming in softer compared to the previous period’s $1.873 billion, with Imports holding steady at 0% after last month’s -1%, and Exports fell to -1% versus the previous reading of 3%.
AUD/JPY levels to watch
The pair is struggling to make confident strides above 80.00, knocking to 80.30 in the early session before taking a step back as Asia session traders remain uneasy about China-US trade fallout, and the goal for buyers will be to keep the AUD/JPY off of the week’s lows near 79.50.
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