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balance of trade

Australia November Balance of Trade

One of the five major monthly events that could move the AUD is the Balance of Trade, expected to be released on Wednesday at 19:30 EST (or Thursday at 01:30 CET). The Australian economy is highly dependent on exports, with trade accounting for just under 40% of the country’s GDP. It’s not surprising that this can have a major impact on the currency.

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What’s been going on

To illustrate the kind of effect the data can have on the currency, here’s a clean 5-min chart of the AUDUSD from last month’s release, showing nearly a thirty pip jump after the balance of trade came in with a surplus of AUD3.2B, well ahead of the AUD1.70B expectation.

Australia has been maintaining significant surpluses since January of this year, with a steady progressive increase that consistently beat expectations since April. The drive has been from increasing exports...

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