Australia’s seasonally-adjusted Trade Balance broadly missed expectations, clocking in at just $2.316 billion for October, a contraction of $624 million from September’s reading. This is owing largely to an upswing in imported goods and services, rather than a decline in exports with Imports rising 3% while Exports held steady at 1%.
The US dollar dipped against the safe-haven yen this morning amid a spike in risk aversion, as equities continued their retreat on concerns about growth in the world’s largest economy.
Global equity markets have been shaken and the US dollar fell this week after an inversion in a part of the U.S. Treasury yield curve triggered market concerns about economic growth.
Fed policymakers are due to gather at a Dec. 18-19 meeting, at which the central bank is widely expected to raise interest rates. Focus is on how many rate hikes the Fed could for 2019.