The Australian economy, among the top performers these past three years, published its trade balance data this morning only to reveal a A$1.25B surplus beyond the expected A$0.49B rise. The final figure for this past month's trade balance was A$1.74B and has so far helped the Aussie dollar climb strongly against its currency counterparts, particularly the US dollar.
The AUD/USD moved upward within its current bullish channel to a price which is challenging a weekly high of 1.0815. Though the current price has fallen from this high somewhat, the pair's upward momentum remains.
Yesterday's employment data release by the Australia and New Zealand Banking Group (ANZ) showed a 1.0% climb in job advertisements since last month, and National Australia Bank (NAB) published a positive reading for business confidence in April.
Fundamental data supports the recent rise of the Aussie, and the pair appears to be maneuvering higher after this morning's trade balance report. Should the pair continue finding additional support through the remainder of the week, forex traders may see the AUD climb beyond its 1-week high and push towards the May 2nd high of 1.1010.
Thursday's employment reports could provide this additional support. The Australian equivalent of Non-Farm Payrolls is scheduled to get published on Thursday morning at 2:30 GMT during the Pacific trading sessions. The Employment Change measure could reveal a slowdown in job growth, but the unemployment rate is forecast to hold steady. Both have the high probability of granting additional support to the AUD in this week's trading.
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