Within today’s dump of balance of payments data that feeds into tomorrow’s March quarter national accounts release was the important news that Australia’s terms-of-trade unexpectedly surged by 2.9% in seasonally adjusted terms.
This result was unexpected because it contradicted both the RBA’s index of commodity prices, which fell by 2.3% over the March quarter:
As well as the ABS’ import/export price index, which also fell by 5.9% over the March quarter:
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