6 Jun 2013
Flash: Smaller trade surplus causes AUD decline - BBH
FXstreet.com (Barcelona) - Brown Brothers Harriman analysts comment that a smaller than expected trade surplus gave the market the excuse of the day to sell the Australian dollar to new lows (~$0.9435).
They write, “It was near $0.9800 earlier this week. There seems to be a bit of piling on as media reports play up the decline in the currency without really adding anything new. The Australian dollar has lost 7.2% over the past month and is the weakest major currency over the past three months, and is closing in on Japan's 12.5% year-to-date decline.”
They write, “It was near $0.9800 earlier this week. There seems to be a bit of piling on as media reports play up the decline in the currency without really adding anything new. The Australian dollar has lost 7.2% over the past month and is the weakest major currency over the past three months, and is closing in on Japan's 12.5% year-to-date decline.”