The Australian Dollar traded slightly higher as Australia’s trade
deficit widened for the fifth consecutive month highlighted by flagging exports
to all three of its largest trading partners: China, Japan and the U.S.
The Australian Bureau of Statistics reported the flow of goods
declined to China by -4 %, Japan by -13% and the U.S. by -21% in September which
should continue to be cause for concern by central bankers as an elevated
exchange rate and global slowing were recently noted as the biggest headwinds
facing the Aussie economy.
US non-farm payrolls on Friday night surpassed pundits
expectations of 125,000 with an increase of 171,000 in October US stocks closed
lower having been in the red for most of the day. Crude oil and Gold also were
sharply lower as the US dollars strength reinforced the selling pressure on them
and in turn on US equities tied to energy.
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