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AUD/USD steadies near 0.7060 after Australia’s trade surplus rebound
Australia’s June Trade Balance flipped to a A$1,929 million surplus month-over-month, helped by exports rising 9.6% while imports dipped 0.2%.
AUD/USD held steady around 0.7060 during Thursday’s Asian session after moving higher for two straight days, with price action limited as the Australian Dollar stayed muted following domestic Trade Balance data, according to FXStreet.
The Australian Bureau of Statistics reported a turnaround in June, with the Trade Balance shifting to a surplus of A$1,929 million month-over-month, after a revised deficit of A$2,367 million in the prior month. The report also noted that the latest reading outperformed expectations for a deficit of A$1,100 million, with exports up 9.6% month-over-month and imports down 0.2%.
FXStreet also pointed to potential support for further AUD gains if the US Dollar faces headwinds from softer safe-haven demand. The outlet cited market expectations after reports that Iran and Oman reached an agreement on a shipping route through the Strait of Hormuz, now in final drafting and expected to run for two to four months, though Tehran said it would not amount to a full reopening of the waterway.
On the US side, FXStreet flagged mixed data as investors look toward Initial Jobless Claims later on Thursday. It referenced ADP showing US private-sector employment added 44K jobs in July versus 98K in June and below consensus, while ISM Services PMI rose slightly to 54.1 from 54.0, and said strategists at Scotiabank see the employment backdrop as tight but not adding clear inflation pressure, a view they described as mildly negative for the USD.