Australian Dollar Jumps on Record Trade Surplus Report
Feb, 02nd 07:11
Australian dollar witnessed a sharp leap versus the greenback on Thursday on the back of data showing a record trade surplus in December.
The pair AUDUSD rose to as high as 0.76514 – the highest level seen since November 11 last year after the Australian Bureau of Statistics reported that December’s official trade balance swelled to $3.511 billion in seasonally adjusted terms. The figure comfortably smashed both market expectations for an increase to $2.2 billion and the previous record high of $2.236 billion set in February 2009.
Meanwhile, the U.S. dollar weakened after the Federal Reserve which did present a relatively upbeat view of the U.S. economy, failed to give hint of accelerating rate hikes in the coming months. Potential impact of Trump’s protectionist stance remained uncertain, which restrains the U.S. central bank from formulating its rate-increase plan.
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