Market Update – 6th July 2017 – Trade Balance Figures Expected To Remain In Surplus Thanks To Strong Export Numbers

The RBA kept rates on hold Tuesday afternoon but despite holding, the rhetoric from the RBA in their accompanying rate statement appeared quite dovish and the result was a sharp selloff in AUD across the board. Today AUD is around 1% lower than Tuesday morning with most of that fall happening in the minutes following the rate statement on Tuesday afternoon.

Ahead today we have further Aussie and U.S economic data which kicks off with local trade balance figures at 11.30am and then preliminary ADP jobs numbers out of the U.S around 10pm this evening. Perhaps the key data announcement is the ADP jobs number as it is a precursor or indicator of what we’ll see in the official U.S jobs numbers on Friday evening (Non-Farm Payrolls). Expectations are to see around 180K new jobs which would be a sharp drop in the trend from the past 6 or so readings.

Local trade balance figures out at 11.30am are expected to show another positive trade balance figure with mining exports driving the export surplus for a 7 month straight on the back of increased activity out of China and other developing nations.


AUD – Trade Balance at 11.30am

USD – ADP Prelim Jobs Numbers at 10.15pm

USD – ISM Non-Manufacturing PMI at midnight


AUD/USD – 0.7603

AUD/GBP – 0.5876

AUD/EUR – 0.6696

AUD/NZD – 1.0429

AUD/JPY – 86.040

***Above rates are indicative wholesale rates and intended as a guide only***

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Patrick Downes

Senior Corporate FX Dealer

Phone Patrick – 0431 278 632 




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