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AUD / USD Not Much Reacting Although Australia Deficit Widens
Australian dollar looks quite stable despite a slightly weaker after reporting trade data are somewhat disappointing Kangaroo State on Thursday (02/07) morning. AUD / USD was trading at 0.7639 positions, down from the position of 0.7716 on Wednesday. Australia's international trade balance is still in the red zone, with a deficit of AUD2.75 billion in May, wider than expectations of economists who had expected a deficit of AUD2.25 million.Dolar_Australia"This data is worse than what was expected by the market. So we can see the Australian dollar showed little reaction (this report)," as told by Chief Market Strategist IG Markets, Chris Weston told the Australian Financial Review. Exports rose by 1 percent in May, but imports declined by 4 percent. According to Weston again, the data is not describe the increase in domestic demand.
Look forward to the US NFP
Early days later, the US will release data on non-farm payroll report that US employment record tracks in a month. The data is likely to greatly affect the performance of the greenback, and of course, will influence the Australian dollar, Weston added. Meanwhile, another analyst from UOB Group that was launched by FXstreet, saw the potential for a decline in the AUD / USD to around 0.7605-0.7610 and are confident that the pair will be 0.7685 if it breaks up off of the bearish pressure.
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