The Australian trade balance for May 2019 has arrived as follows, Surplus: AUD$5.745m vs the expected AUD$5250m surplus, the prior was AUD$4871m surplus.
This follows Australia’s trade position swinging from deficit end-2017 to growing surpluses through 2018 and a record high A$5.0bn in Feb 2019.
Analysts at Westpac said that a surge in the value of resources exports has been the main driver of late, but non-resource exports are also growing while imports are being constrained by sluggish consumer spending and the weak AUD. "Iron ore export receipts should be boosted by both rebounding volumes after Tropical Cyclone Veronica and of course higher prices, but coal should be a drag."
At the same time, Australian Building Approvals (Year/Y) May: -19,6% (expected -21.5%; previos -24.2%) - Building Approvals (Month/M) May: 0.7% (exp 0.0%; prev' -4.7%)
These are released by the Australian Bureau of Statistics shows the number of permits for new construction projects. It implies the movement of corporate investments (the Australian economic development). It tends to cause some volatility to the AUD. The more growing number of permits, the more positive (or bullish) for the AUD.
Source : FXstreet