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Forex Flash: AUD traders should be braced for a lousy Australia trade number - Westpac

By FXstreet.com,  January 07, 2013, 06:16:00 PM EDT

FXstreet.com (Barcelona) - At 00.30 GMT, Australia will publish its November trade balance, and according to Westpac, looks set to have produced its largest trade deficit since March 2008.

Westpac looks for a -AUD2.4bn trade gap, out from -2.1bn in Oct. "Dec should look a lot better as iron ore export revenue jumps but in Nov, expect a lukewarm 1% m/m gain in total exports" Sean Callow, FX strategist notes.

Sean adds: "Imports are seen rising 2%, with the ABS having already reported a 2.4% increase in goods imports. Consensus is -AUD2.3bn so AUD traders should be braced for a lousy number but mindful of a better reading next month..."




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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