Australian Trade Deficit at Record Levels as Retail Sales Weaken

Australian retail sales stagnated and the nation’s trade deficit blew out to a record in April, in a challenge to a central bank trying to spur an economic recovery.  The currency slumped half a U.S. cent as sales were little changed from a month earlier, when they rose a downwardly revised 0.2 percent, and were …

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AUD/USD Drops Below 0.7750 after Retail Sales and Trade Data

The Australian dollar fell half a US cent after the release of disappointing retail spending figures.  Retail spending was unchanged in April, The Australian Bureau of Statistics said, which was worse than economists expectations of a 0.3 per cent rise. Australia’s trade balance has stayed in the red with a deficit of $3.89 billion in …

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OECD: Australian Property Prices at Risk of ‘sharp correction’

Australia’s property markets are at risk of a “sharp correction” according to the Organisation for Economic Cooperation and Development.  The international organisation is the latest to join the chorus warning of the risk of a big fall in house prices. “The continuing property market momentum adds to the risk of a sharp correction,” it wrote …

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Australia Q1 GDP up 2.3% However Concerns Remain

Australia’s economy expanded 2.3 percent in the first quarter from the year-ago period, beating forecasts and pushing up the currency, but some were concerned about the quality of the data. “The surprise is probably that business investments didn’t fall [as much] as expected,” David Bassanese, chief economist at BetaShares, told CNBC. “Exports volumes surged in …

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