Australia July balance goods/svcs at A$+4,607 mln, s/adj vs the Reuters poll of +5,400 mln has tipped the Aussie to the session low.
More details
Australia July goods/services exports -4 pct MoM, seasonally adjusted.
Australia July goods/services imports +7 pct MoM, seasonally adjusted.
AUD/USD touched a low of 0.7318 on the data while the market looks to Chinese Caixin Services PMIs for August.
Description of the trade balance
The trade balance released by the Australian Bureau of Statistics is the difference in the value of its imports and exports of Australian goods.
Export data can give an important reflection of Australian growth, while imports provide an indication of domestic demand.
Trade Balance gives an early indication of the net export performance. If a steady demand in exchange for Australian exports is seen, that would turn into a positive growth in the trade balance, and that should be positive for the AUD.
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