Aussie Rallies on Near-Record Trade Surplus, Retreats Later

Mar 07,2019 17:23   Source:Earnforex

General Sir John Monash on Australian 100-dollar billThe Australian dollar rallied today due to the unexpected increase of the trade surplus. The currency has lost gains against some of its rivals by now, while keeping them versus others.

The Australian Bureau of Statistics reported that the trade balance logged a surplus of A$4.55 billion in January, up from A$3.77 billion in November. That is instead of a drop to A$2.85 billion predicted by economists. Moreover, it was the second largest surplus on record.

Meanwhile, retail sales rose just 0.1% in January from the previous month, while experts had promised an increase by 0.3%. Nevertheless, it was a better reading than the drop by 0.4% registered in November.

AUD/USD was at 0.7025 as of 18:07 GMT today after opening at 0.7031 and rising to the daily high of 0.7051. AUD/JPY slipped from 78.58 to 78.40. At the same time, AUD/CHF rallied from 0.7066 to 0.7099.

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