USD Trading Outlook (02-07-2014)
TheAUD/USD eased by 31 points to trade at 0.9465 after this morning’s trade data release. The Australian dollar fell against the other major currencies in early Asian deals on Wednesday, as nation’s trade deficit widened more-than-forecast in May. Australia’s international trade balance has blown out to $1.9 billion due to plunging iron ore prices. The deficit was $1.9 billion in May, compared to a $780 million deficit in April, Australian Bureau of Statistics figures show. ANZ economist Dylan Eades said exports appeared to have driven the sharp widening in the trade deficit.
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