The Australian dollar, paired with the US dollar, is heading upward. The current AUDUSD exchange rate stands at 0.6660.
Australia continues to publish a large volume of critical statistical data. Following the GDP and PMI, trade balance indicators and components were released. These reports reveal a 2.5% m/m drop in exports after a 0.6% decline and a 7.2% m/m decrease in imports after a 4.2% growth. The trade balance has noticeably expanded.
Some deterioration in the statistics may be due to seasonal factors.
The number of building permits in the Australian economy decreased by 0.3% m/m, while it grew by 1.9% a month earlier.
The Australian dollar is benefitting from the decline in the US dollar. Following the release of reports on the US employment sector, the market has gained confidence in two rate cuts before the end of this year.