Australia: Fourth consecutive decline in trade deficit - BBH

Research Team at BBH, suggests that after reporting better than expected Q1 GDP yesterday, helped by exports, Australia reported a smaller April trade deficit earlier today. 

Key Quotes

“It is the fourth consecutive decline in the deficit.  Weaker imports played a role, and this may, in part, reflect softer domestic demand.  April retail sales disappointed with a 0.2% increase.  The market had anticipated a slightly better report after a 0.4% rise in March.  The Australian dollar is the weakest of the majors, off 0.6% today to trade near $0.7200, nearly a cent off yesterday's high.  Some link the Aussie's weakness to unwinding cross positions against the yen.”