The Kiwi opens higher as chances of a rate cut from the Federal Reserve increase following a raft of weak data released from the US overnight. US stocks surged in thin trading ahead of the US Independence Day holiday.
USD Falls on Series of Weak Data
Australia May Trade Balance
Australia’s trade balance posted a record surplus in May for both goods and services at +AUD5.745 million vs previous record of +AUD4.871 million. This was largely driven on the back of strong iron ore prices which jumped 13.4%.
Australian Retail Sales released at 1.30pm today with an increase in 0.2% in May sales expected
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