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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.
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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