The RBA has released its commodity price index for March, which fell by 0.9% in SDR (currency weighted) terms – the key determinant of the terms-of-trade – but was flat in Australian dollar terms:
Preliminary estimates for March indicate that the index decreased by 0.9 per cent (on a monthly average basis) in SDR terms, after increasing by 5.3 per cent in February (revised). The non-rural and rural subindices decreased in the month, while the base metals subindex increased. In Australian dollar terms, the index was unchanged in March.
