Australian trade balance for August

A very big miss with a much larger trade deficit than expected, at -3.095bn AUD

  • expected -2.4bn, prior was -2.792m, revised from -2.46bn

From the Australian Bureau of Statistics, key points (bolding mine ... in brief exports down 1% and imports up 1%) ...

BALANCE ON GOODS AND SERVICES

  • In trend terms, the balance on goods and services was a deficit of $3,250m in August 2015, a decrease of $22m (1%) on the deficit in July 2015.
  • In seasonally adjusted terms, the balance on goods and services was a deficit of $3,095m in August 2015, an increase of $303m (11%) on the deficit in July 2015.

CREDITS (EXPORTS OF GOODS AND SERVICES)

  • In seasonally adjusted terms, goods and services credits fell $130m to $26,509m.

DEBITS (IMPORTS OF GOODS AND SERVICES)

  • In seasonally adjusted terms, goods and services debits rose $173m (1%) to $29,604m.

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AUD dipped on the miss, triggering a few stops that were close to market but the impact was small, down 20 off points before stabilizing.

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The big event from Australia today is the RBA meeting.

Previews:

  • Preview of the RBA today, on hold expected
  • RBA meeting this week-NAB's 6 reasons the central bank will remain on hold
  • RBA meeting this week-Westpac on what to expect (Spoiler ... Hold)
  • Australian weekend press: RBA may need to cut rates in November, economists say
  • UBS on central banks in the week ahead - BOE, BOJ and RBA meetings, plus Fed, ECB