Australia terms of trade data for Q4 2021

Import Price Index +5.8% q/q

  • expected +1.4% , prior +5.4%

Export Price Index +3.5% q/q

  • expected -2.6%, prior +6.2%

  • a solid beat for export prices, higher instead of the lower expected

The Australian dollar was sold on the FOMC statement & Powell’s presser, and has inched back towards its overnight lows in Asia morning trade. Domestic data such as the ToT not really imapcitng:

aud chart  27 January 2022

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