Higher than Anticipated Rise in Australian Producer Price Inflation

Forex Market: Aussie and Greenback Gains Strength
Forex Market: Aussie and Greenback Gains Strength

Official reports available on Thursday showed that the Australian producer price inflation had increased higher than expected in the previous quarter. The report presented by Australian Bureau of Statistics stated that PPI had advanced to a value of 0.3%, from 0.2% in the earlier quarter. However, analysts speculated the value of PPI to increase 0.2% in the previous quarter.

Data announced on Thursday showed a fall in Brazil’s trade balance, which was lower than expected. The report presented by Instituto Brasiliero de Geografia e Estatistica stated that the trade balance of Brazil had decreased to -0.99B, from 0.16B in the preceding week. Analysts had however, estimated the Brazilian trade balance to decrease to -1.00B previous week.

An unexpected decline in the manufacturing activity in Singapore earlier in the month was described as per official data shown on Thursday. The report presented by SIPMM Central Office stated that Singaporean PMI had lowered to 50.30, from 50.60 in the previous month. There was a general expectation among analysts for an increase in Singaporean PMI to 51.00 last month.

An overview of trade deficit of Canada indicated higher than expected narrowing trends, to position a flat reading for March, as per official reports. According to the data provided by Statistics Canada, it was seen that Canada’ trade deficit recorded level trends in March, narrowing from a deficit value of CAD1.2 billion in February. Analysts had estimated Canada’s trade deficit to narrow to a value of CAD0.7 billion. Exports increased to CAD40.5 billion, 5.1% higher compared to the previous month, whereas imports climbed 1.7% to CAD40.4 billion.

U.S. natural gas storage was seen to have increased higher than expected previous month, as per official data announced on Thursday. Energy Information Administration elaborated in the report that U.S. Natural Gas Storage had increased to an annual rate of 43B, from 30B in the earlier month. Analysts had predicted U.S. Natural Gas Storage to advance 28B last month.

In related new, the U.S. trade deficit narrowed higher than expected narrowing trends in March, and the report presented by U.S. Bureau of Economic Analysis stated that U.S. trade deficit narrowed to USD38.8 billion in March from a deficit value of USD43.6 billion in February, when reading was revised from a formerly reported deficit of USD43 billion.