2 Jul 2014
A scary Australian trade deficit weighs on the Aussie
FXStreet (Bali) - After the horrendous Australian trade balance, which printed an unexpected $1.911 billion vs expectations for a $200 million deficit, the news got even worse following downward revisions to past data published, which is weighing on the Australian Dollar at present.
As Greg McKenna from Business Insider Australia, notes: "More strikingly, the revisions to last month’s announced $122 million deficit saw it increase to a deficit of $780 million."
McKenna adds: "At the same time overall revisions to this year’s trade January to April months) has seen $1.079 billion wiped off the announced surplus from the cumulative $3.412 billion announced for the first 4 months when the ABS released the last set of trade data to just $2.333 when the first 4 months of this are totalled in today’s release."
As Greg McKenna from Business Insider Australia, notes: "More strikingly, the revisions to last month’s announced $122 million deficit saw it increase to a deficit of $780 million."
McKenna adds: "At the same time overall revisions to this year’s trade January to April months) has seen $1.079 billion wiped off the announced surplus from the cumulative $3.412 billion announced for the first 4 months when the ABS released the last set of trade data to just $2.333 when the first 4 months of this are totalled in today’s release."