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Australia’s Trade Deficit Surprisingly Expanded In October

By GCI FinancialForexDec 08, 2016 03:43AM ET
www.investing.com/analysis/australia%E2%80%99s-trade-deficit-surprisingly-expanded-in-october-200168839
Australia’s Trade Deficit Surprisingly Expanded In October
By GCI Financial   |  Dec 08, 2016 03:43AM ET
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AUD/USD Movement
AUD/USD Movement

For the 24 hours to 23:00 GMT, the AUD rose 0.32% against the USD and closed at 0.7481.

LME Copper prices rose 0.81% or $47.5/MT to $5903.5/MT. Aluminium prices rose 0.58% or $10.0/MT to $1728.0/MT.

In the Asian session, at GMT0400, the pair is trading at 0.7499, with the AUD trading 0.24% higher against the USD from yesterday’s close.

Earlier in the session, Australia’s seasonally adjusted trade deficit unexpectedly expanded to a level of A$1541.0 million in October, from a revised trade deficit of A$1272.0 million in the prior month, whereas market expectation was for the nation’s trade deficit to drop to a level of A$610.0 million.

Elsewhere in China, Australia’s largest trading partner, trade surplus narrowed more-than-expected to a level of CNY298.1 billion in November, following a trade surplus of CNY325.3 billion and compared to market expectations for the nation to post a trade surplus of CNY316.5 billion. Meanwhile, the nation’s annual exports rebounded 5.9% in November and annual imports surged 13.0% in the same month.

The pair is expected to find support at 0.7439, and a fall through could take it to the next support level of 0.7379. The pair is expected to find its first resistance at 0.7533, and a rise through could take it to the next resistance level of 0.7567.

The currency pair is trading above its 20 Hr and 50 Hr moving averages.

Australia’s Trade Deficit Surprisingly Expanded In October
 

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Australia’s Trade Deficit Surprisingly Expanded In October

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