Export price index up 1% q/q
- expected +3.0%, prior -4.7%
Import price index down 1%
- expected +1.5% and prior -3.0%
AUD/USD not doing too much on this data point, but as I noted earlier today its not usually of much immediate impact. Lower than expected export prices is not a positive for the currency, though.
NAB comment on the data saying the combination of higher export prices and lower import prices give a terms of trade boost of 2.7% for the quarter. They add its suggests a leg up for the GDP reading for Q2.
Good work from NAB ... but I would have liked to see a better export price index performance.
