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

The following two tabs change content below.

Ben Myers

After graduating with a degree in Finance and Accounting, Ben has had a long and distinguished career in the world of global finance and investment. After working with multi-national institutions including HSBC and Bank of Ireland, Ben ran his own independent investment advice firm in the UK before chief analyst stints at Zoneoption, ECmarkets, YesOption and KeyOption. Ben remains a keen forex and binary trader and a feataured contributor at investing.com and dailyforex.