Australia’s April trade balance swung to a $1,791M surplus, missing forecasts of $1,800M but improving from a $1,024M deficit in March.
The Australian Dollar pared daily losses against the Japanese Yen after Australia’s trade balance turned positive in April. The surplus reached $1,791M, below the $1,800M consensus but a sharp rebound from March’s $1,024M deficit, revised from a $1,841M shortfall.
Exports surged 7.2% month-over-month in April, reversing a 2.5% decline in March, while imports rose 0.8% following a 12.2% increase in the prior month. The data provided modest support to the AUD, though the pair remained in negative territory near 114.10.
The JPY strengthened as markets priced in a potential Bank of Japan rate hike later this month, with Governor Kazuo Ueda signaling a cautious but hawkish stance amid inflation concerns and currency volatility.