Australian January trade data: Exports +1% m/m (prior-1%) & Imports +5% m/m (prior +1%)

Australian trade balance data for January 2023, a surplus of AUD 11,688mn

• expected 12500 mn
• prior 12237mn

A huge jump in imports. Consumer sentiment might be in the doldrums but there is plenty of spending going on.

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The focus in Australia today is on the Reserve Bank of Australia meeting.

due at 7.30pm US Eastern time. A 25bp rate hike is widely expected:

• RBA interest rate hike due today, eyes on the Statement: More hawkish, or less? Preview.

• RBA Preview: Not out of the woods yet - BofA
• The RBA expected to raise its cash rate again on Tuesday, Gov Lowe speaks the next day.
• AUD traders heads up: RBA 'shadow board' recommends a 25bp cash rate hike on Tuesday 7 Feb