Aussie Hits 2-Month High Following Strong Trade Data

The Australian Dollar hit a 2-month high against the US Dollar in this morning’s Asian trading session following the release of better than expected trade balance data from Australia.

In a report issued by the Australian Bureau of Statistics, official data showed on Thursday that Australia’s trade balance increased more-than-expected last month. Australia’s trade balance increased to a seasonally adjusted figure of -2.937B,  up from the -3.535B recorded in the preceding month. This came after analysts had been expecting Australia’s trade balance to show an increase to -3.100B for last month.

The positive report comes a day after it was revealed that Australia’s gross domestic product expanded 0.6% in the fourth quarter, surpassing market expectations for 0.4% increase. On a yearly basis, Australia’s economy expanded 3.0% in the last quarter,  beating analyst expectations for 2.5% increase.

The AUD/USD was up 0.22% at time of writing, trading at 0.7132, slightly down from the 2-month high hit at 0.7139 earlier in the session.

Today’s AUD/USD Support and Resistance:

Support 1 –  0.73099, Support 2 – 0.73018, Support – 0.72887

Resistance 1 – 0.7323, Resistance 2 – 0.7328, Resistance 0.73411

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Daniel Simmons