Research Team at TDS, notes that it was another positive data print today from Australia, with the Trade Balance for Jan coming in much better than what the Chinese Trade data had led us to believe.
Key Quotes
“The deficit for Jan was –A$2.94b vs mkt at –A$3.2b and $0.6b better than the prior month. Exports +1% (suggests lower AUD is supportive) and imports –1%, the latter due to the fall in fuel.
Considered a lower tier indicator, but the AiG Services Index punched back above 50, suggesting the sector is expanding once again (at 51.8).
NZD Construction Work Done rose 2.5%, better than the 2% expected and the prior read was also revised up slightly. There is upside risk to street GDP forecasts after today’s number.”
