Technical analysis and trading recommendations - https://fxpcm.com/fx/aud-usd-trade-deficit-narrowed-03032016
According to the Australian Bureau of Statistics today presented data according to which, the foreign trade deficit of the country in January fell more than expected (-2.937 billion Australian dollars vs. -3.100 and -3.524 billion in December). Exports rose by 1.0%.
Rising oil and gas prices, as well as other commodities, particularly iron ore, give Australian dollar upward momentum. Today the pair AUD / USD also rose during trading in Asia and Europe.
Coming recent positive data from Australia show excessive fears of a slowdown of the economy. GDP grew by 3.0% (vs. 2.6% and growth of 2.7% in the previous quarter) in Q4, reducing fears of a recession in Australia. If the price of oil, gas, iron ore and exports of these products continue to rise, the Australian trade deficit will continue to decline due to increase in export proceeds.
Earlier in the week, Belarus Australia left interest rates unchanged at 2.0%. Managing bank Glenn Stevens noted that the labor market risks are restrained and low inflation close to the target range.
Today from 13:30 to 15:30 (GMT) waiting for data from the US, among them - the index of business activity in the services sector and a component of the US index, the level of manufacturing orders in January. If the data come out better than expected, the dollar will grow in the market, including in the pair AUD / USD.