AUSTRALIAN DOLLAR LOSES GROUND AMID MIXED AUSSIE DATA, FIRMER US DOLLAR
- Australian Dollar depreciates after the release of mixed domestic economic numbers.
- Australia’s Trade Balance fell to 7,280M MoM in March, from February’s reading of 11,027M.
- US Dollar could lose ground due to lower US Treasury yields.
The Australian Dollar (AUD) snaps its three-day winning streak following the release of unchanged Final Retail Sales and downbeat Trade Balance data from Australia on Friday. However, the US Dollar (USD) faced downward pressure due to softer labor market data from the United States (US) on Thursday, supporting the AUD/USD pair.
Australia’s Trade Surplus (Month-over-Month) narrowed to 7,280 million in March, falling short of the expected 10,400 million and February’s reading of 11,027 million, according to data published by the Australian Bureau of Statistics. Australia's Exports decreased by 2.2% month-over-month, contrasting with the previous increase of 1.6%. Meanwhile, the nation’s Imports grew by 4.8%, compared to 1.3% prior.
The US Dollar Index (DXY) consolidates with a negative sentiment, reflecting the drop in US Treasury yields, possibly influenced by neutral comments from several Federal Reserve officials. However, the US Dollar might have attracted investors amid market caution due to escalating geopolitical tensions following Israel’s attack on Iran's embassy in Syria
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