AUD Strengthens After Australia’s Trade Surplus Reaches New Highs, While Safe-Haven Currency Remains Weak
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AUD strengthen, benefits, forex, trading, trade

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MARKET RECAP
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1️⃣ Asian stock markets closed mixed as investors digested some economic data including the ADP employment report.

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FOREX RECAP
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1️⃣ USD slipped further after US ADP jobs report recorded an increase of 374K jobs, weaker than market expectations of 613K.

2️⃣ AUD strengthens after Australia’s trade surplus expanded to AUD 12.11 billion in July, from AUD 11.1 billion in the previous month, and above market forecasts of AUD 10.2 billion.

3️⃣ Safe-haven currencies such as JPY and CHF remained pressured amid positive risk tone in the markets.

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COMMODITIES RECAP
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1️⃣ Crude oil prices traded steady around $ 68 a barrel, after a sharp decline on Wednesday as OPEC+ members agreed to increase crude oil production by 400K barrels a day until the end of December.

2️⃣ Gold traded above the $ 1,810 level, amid a positive market mood and a weak dollar.

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Economic Data Focus On Today
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1️⃣ Australian Trade Balance for July (09:30 Malaysia Time) — Bearish Prediction — Due to the recent lockdown in the country.

2️⃣ Switzerland GDP for Q2 (15:00 Malaysia Time) — No Prediction — No prediction on the data.

3️⃣ Eurozone PPI for July (17:00 Malaysia Time) — Bullish Prediction — EZ inflation rose in July.

4️⃣ Canadian Trade Balance for July (20:30 Malaysia Time) — Bearish Prediction — Wholesale sales declined in July.

5️⃣ US Trade Balance for July (20:30 Malaysia Time) — No Prediction — No prediction on the data.