The Australian dollar was little changed today after a report showed that the nation’s trade deficit shrank much more than was expected, supporting the opinion that an interest rate cut from the central bank is not required.
The Australian trade balance posted a deficit of A$284 million in September, down from August’s A$693 million. The median analysts’ estimate promised a decrease to just A$510 million. The Reserve Bank of Australia refrained from expanding stimulus on yesterday’s policy meeting and today’s data does not give a reason for the bank to change policy on the next meeting.
AUD/USD traded at 0.9498 and AUD/JPY was near 93.53 as of 1:16 GMT today.
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