The Australian Dollar struggles as the trade surplus fell to 4,609 million in September, against the expected 5,300 million.
The Aussie Dollar may depreciate further as US Dollar receives support from Trump’s victory in the US election.
US Federal Reserve is widely anticipated to lower its benchmark interest rate by 25 basis points on Thursday.
The Australian Dollar (AUD) remains subdued against the US Dollar (USD) for the second successive session on Thursday following the Trade Balance data. Additionally, the downside risks for the AUD/USD pair seem possible as the US Dollar (USD) appreciates following the victory of former President Donald Trump in the US election.
Australia’s trade surplus fell to 4,609 million in September, down from an expected 5,300 million and August’s figure of 5,284 million, as reported by the Australian Bureau of Statistics on Thursday. This was the smallest trade surplus since March, driven by a larger drop in exports compared to imports.
Traders anticipate the US Federal Reserve (Fed) will lower its benchmark interest rate by 25 basis points at its November meeting on Thursday. The CME FedWatch Tool indicates a 98.1% probability that the Fed will make this quarter-point rate cut in November, showing strong market consensus for a modest reduction this week.
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