Australian Dollar Falls as Trade Balance Logs Unexpected Deficit

The Australian dollar fell against its major counterparts (with the exception of the Japanese yen) as the nation’s trade balance missed market expectations.

Australia’s trade deficit rose from A$0.3 billion in October (negatively revised from the surplus of A$0.11 billion) to A$0.63 billion in November. It was nowhere near the excess of A$0.55 billion predicted by economists. The Australian currency dropped after the report, halting the earlier rally, though the Aussie managed to retain gains against the very weak yen.

AUD/USD fell from 0.7861 to 0.7843 as of 13:27 GMT today. At the same time, AUD/JPY rallied from 88.63 to 88.84, bouncing from the daily low of 88.43.

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