The RBA has released its commodity price index for June, which registered a 0.7% rebound in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 3.0% rise in Australian dollar terms:
Preliminary estimates for June indicate that the index rose by 0.7 per cent (on a monthly average basis) in SDR terms, after declining by 1.8 per cent in May (revised). An increase in the iron ore price more than offset declines in coal and oil prices. The base metals subindex fell sharply in the month, while the rural commodities subindex declined more modestly. In Australian dollar terms, the index rose by 2.9 per cent in June.
