Australia: Strong September trade data provide a boost to the AUD - ING

Australia’s strong trade data for September have given the AUD a much needed lift after a month of declines, according to Rob Carnell, Chief Economist at ING.

Key Quotes

“The Trade balance surged to a surplus of AUD1.745bn, up from AUD873m in August. Exports, mainly non-agricultural goods, rose AUD924m to AUD32.961bn, whilst imports were barely changed at AUD32.216bn. Rising commodity prices and strong demand from economies such as China and South Korea have provided a boost to Australia’s extraction industry exports in recent months – a trend that seems to have continued in September.”

“Stronger than expected building approvals (+1.5% MoM in September) add a further gloss to the news flow for Australia.”