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AUD: Oct trade balance expected to deteriorate - Westpac

FXStreet (Delhi) – Research Team at Westpac, expects Australia's trade deficit to deteriorate in October on lower commodity prices.

Key Quotes

“The deficit is forecast to widen by $0.5bn to $2.8bn. The deficit averaged $1.6bn in Q1, blowing out to $3.5bn in Q2 and then reversing partially to $2.5bn in Q3.”

“Export earnings declined by a forecast 1.5% in October on lower prices for most commodities. Increased volumes are likely to provide only a partial offset.”

“Imports edge a forecast 0.3% higher in the month, with the ABS advising that goods imports rose 0.4%. Note the AUD strengthened in October, up 2.2% against the USD to 72.1¢, and rose 1.4% on a TWI basis. Taken together, this suggests that import volumes moved a little higher in the month.”

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