PERTH: The Australian dollar has dipped after the release of disappointing trade figures.
The local currency was worth US76.39 cents at noon (AEST), down from US77.16 cents yesterday.
Australia’s international trade balance remains in the red with a deficit of $2.75 billion in May, larger than the $2.25 million deficit expected by economists.
“It’s worse than what the market was looking for, so we’re seeing a bit of reaction in the Aussie dollar,” IG Markets chief strategist Chris Weston said.
Exports rose one per cent in May but imports were down four per cent.
“It doesn’t paint a particularly rosy picture of the domestic demand,” Mr Weston said.
The release tonight, Australian time, of a non-farm payrolls report — America’s monthly employment tracker — could be very influential for the greenback, and would impact the Australian dollar, he said.
