A much larger trade surplus for January than was expected, coming in at +1055m

  • expected AUD +160m,
  • prior deficit revised a touch lower to AUD -1146m from -1358m

AUD/USD has been marked up to a session high above 0.7835

  • Exports +4% m/m
  • Imports -2% m/m

The jump on the month in exports will be welcome, but the decline in imports not so much - the initial response to this will be concern it indicates a weakening for the economy. I'd want to see details before placing too much credence in that interpretation though

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For background on this check out the previews from earlier: