Terms of trade data for Q3 coming in at a bit of a miss ... especially on export prices

Q3 export price index 0.0% q/q:

  • expected 0.6%, prior was -4.4%

Q3 import price index +1.4% q/q:

  • expected 1.5%, prior was 1.4%

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Falling AUD means more expensive imports

Falling commodity prices reflected in the fall for the export price index

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Not much of a response from the AUD, but this data point is rarely an immediate FX market mover