Australian Dollar Slides to Two-Week Low after Trade Data Miss Estimates

The Australian dollar declined to a two-week low on Thursday after published economic data showed its trade surplus contracted in October, clocking in below estimates as exports weakened.

According to the Australian Bureau of Statistics, the country's balance of goods and services was a surplus of A$105 million for October. The figure was down from A$1.6 billion in September and missed estimates of A$1.4 billion by economists

Exports declined 3 percent in October compared to the prior month's A$903 million, missing estimates of 3 percent growth. Outbound shipments of non-rural goods declined 5 percent while rural goods slid 2 percent.

Imports increased 2 percent month on month, defying expectations that inbound shipments would be flat.

The Aussie declined 0.3 percent versus the greenback to its lowest since November at $0.7544 after the data publication.

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