AUD: Better than expected trade balance figures - TDS

Research Team at TDS notes that Australia’s trade balance for Nov was much better than expected (A$1.2b vs mkt –A$0.55b), a turnaround of A$2.4b on the deficit in Oct and the first monthly trade surplus since April 2014.

Key Quotes

“The deficit for Oct was revised lower (-A$1.12b vs –A$1.54b). Exports rose +8% m/m as the effects of higher commodity prices passed-through into exports - coal exports +26% m/m and iron ore rose +11%.”