Australian Dollar advances as Trade Surplus widens, US Dollar dips
AUD/USD extends its gains for the second consecutive day, trading around 0.7010 during Asian hours on Thursday. The pair gained ground as the Australian Dollar (AUD) inched higher following the release of Australia’s latest Trade Balance report.
Australia's trade surplus expanded significantly in September, reaching A$2,826 million month-over-month, following a surplus of A$185 million in the previous reading, revised from A$495 million, according to the latest foreign trade data released by the Australian Bureau of Statistics on Thursday. Exports increased by 2.3% month-over-month in September, down from a 3.1% increase the previous month (revised from 3.7%).
Conversely, imports dropped by 3.3% month-over-month in September, compared to a rise of 6.2% in August (revised from 5.8%). The Australian Dollar (AUD) showed a slight upward trend after the Trade Balance report, with the AUD/USD pair trading at 0.7012, gaining 0.06% on the day.
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