AUDUSD Rises to 0.7135 on Australia's April Trade Surplus

AUDUSD has edged higher to 0.7135 after Australia posted a A$1,791M April trade surplus, reversing from a deficit and providing modest support following earlier weakness. The currency had come under pressure on June 2 after Q1 GDP missed forecasts at 0.3% q/q, with the current account deficit widening sharply to A$27.1bn and net exports subtracting 0.8 percentage points from growth. Export data released June 3-4 showed a strong 7.2% MoM rebound driven by iron ore, coal and LPG, lifting the pair from weekly lows near 0.7175 while it remains capped ahead of further China and RBA signals.