The RBA has released its commodity price index for June, which registered a 0.4% fall in SDR (currency weighted) terms – the key determinant of the terms-of-trade – and a 1.6% fall in Australian dollar terms:
Preliminary estimates for June indicate that the index declined by 0.4 per cent (on a monthly average basis) in SDR terms, after increasing by 0.4 per cent in May (revised). The largest contributor to the decline in June was the price of iron ore. Both the base metals and rural subindices increased in the month. In Australian dollar terms, the index fell by 1.6 per cent in June.
