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Jul 08 - 12:55 AM

AUD: Australia Logged A Record Trade Surplus In May; What Does It Mean For AUD? - Credit Agricole

By eFXdata  —  Jul 07 - 04:30 PM

Credit Agricole CIB Research on Australia's latest record trade balance.

"In a reminder of an underlying support for the AUD, Australia logged a record trade surplus in May on the back of surging energy exports, strong iron ore exports as well as a return of foreign tourists to its shores as international borders opened back up. Australia’s trade surplus surged to nearly AUD16bn, which is about 50% more than the consensus expectations.

"What does this mean for the AUD? Australia’s basic balance of payments remains supported by its strong trade balance and this is an underlying support for the AUD...Portfolio outflows remain a weight on Australia’s balance of payments and the AUD, however...We expect AUD/USD to be trapped between these two opposing forces and to finish Q3 at 0.68 and Q4 at 0.70," CACIB adds.

Source:
Crédit Agricole Research/Market Commentary

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