Australia’s trade balance swung to a A$1,929 million surplus in June, exceeding expectations of a A$1,100 million deficit.
The Australian Dollar showed limited movement near 0.7060 in early Asian trading Thursday after June’s trade data revealed a A$1,929 million surplus. The result marked a sharp reversal from May’s revised A$2,367 million deficit and surpassed forecasts of a A$1,100 million shortfall.
Exports surged 9.6% month-over-month, recovering from a 7.6% decline in May, while imports dipped 0.2% after a 0.9% rise. The surplus follows two days of AUD gains, though the currency remained subdued amid broader USD weakness.
Sentiment improved after Iran and Oman agreed on a temporary shipping route through the Strait of Hormuz, easing energy supply concerns. US ADP data released Wednesday added mixed signals to the economic outlook.