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Dollar higher after trade surplus

Dollar higher after trade surplus article image
The Australian dollar rose 1.5 cents against the US dollar yesterday evening following the release of official data showing that Australia had recorded its first trade surplus for more than a year. According to the Australian Bureau of Statistics (ABS), the balance of goods and services recorded a surplus of $134 million in April, seasonally adjusted, compared with a deficit of $2.04 billion the month before. The small surplus was enough to see the Australian dollar climb to almost US$0.85 after the dollar dropped into the low US80-cent mark last month. Much of the trade surplus came from the increase in value of iron ore exports, up 29 percent, according to the ABS.

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