The US dollar took off after an influential survey of the U.S. services sector showed that activity is at its strongest since August 1997. This sparked speculation that their upcoming payroll report could also surprise.
The Australian Trade Balance released today came in at a surplus of $1.6 billion. But traders found little reason to celebrate, as Australia’s Imports continued to show no growth, holding steady at the 0 percent.
Tomorrow morning will await Australia’s seasonally-adjusted Retail Sales for August. Traders will want to keep an eye out for any jump in the Aussie, with the figure forecast at 0.3% against 0.00% last month.
However, the Aussie and Kiwi are expected to remain under pressure amid the strengthening trend of the US dollar and further rate hike forecasts for the US.