04.09.202502:43:22UTC+00Aussie Dollar Holds Ground Amid Stronger Trade Data

On Thursday, the Australian dollar maintained its position at approximately $0.654, buoyed by unexpectedly strong trade balance figures. Notably, Australia's goods trade surplus expanded to AUD 7.31 billion in July, marking the highest level in 17 months and significantly exceeding the forecast of AUD 5.0 billion. This uptick was primarily driven by a 3.3% increase in exports, reaching a 21-month peak of AUD 46.02 billion after substantial growth in June. Concurrently, imports declined by 1.3% to AUD 38.71 billion, largely due to diminished demand for non-monetary gold. The Australian currency also found support from positive data showing robust GDP growth for the second quarter, strengthening the likelihood that the Reserve Bank of Australia will keep interest rates unchanged in late September. Current market swaps indicate nearly a 90% probability of no rate movement, as officials assess a labor market that’s gradually shifting away from full employment. Meanwhile, the US dollar faces challenges following weaker-than-anticipated July JOLTS job openings, with investors now focusing on upcoming weekly jobless claims, ADP employment figures, and the ISM Services PMI.