020 7898 0500China’s good fortune continued yesterday with fantastic trade balance data, nearly US$15 billion greater than expected. The major driver of this increase was falling commodity prices which reduced imports significantly.
The corollary of this, and despite the Australian economy posting strong results in terms of NAB business confidence data, was that the Australian dollar struggled against the major currencies yesterday, other than against sterling, falling 1% against the stronger US dollar as their major exports are commodities.
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