The Aussie Dollar dropped close to 1% overnight as yesterday’s domestic trade balance numbers showed a steep contraction for the month.
The AUD/USD hit a six-month low at .7500 as the trade surplus fell to $105 million from $1.6 billion the month before. The street had expected a surplus of $1.4 billion……10 times higher than the actual print.
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The sharp drop was driven by a 3% fall in exports and a 2% increase in imports. Details of the report showed much lower levels of exports of Iron ore and coking coal.
There are several names on the ASX that earning revenue overseas and will benefit from the falling Aussie Dollar.
These include QAN, RHC, TWE and NCM.
QANTAS
Ramsay Health Care
Newcrest Mining
Treasury Wine Estates
