We expect a 0 pip movement on 6M within 48 hours following the event release.

Based on the last 12 Balance of Trade events in Australia, we expect a 0 pip movement on 6M within 48 hours following the event release at 07 Jan 00:30 UTC. We expect 6M to trend upwards 48 hours following the event release at 07 Jan 00:30 UTC if the released value is > A$6B

Historical events that allowed us to draw this conclusion

03 Dec 00:30

05 Nov 00:30

04 Jun 01:30

07 May 01:30

07 Apr 01:30

09 Jan 00:30

All references to movement sizes are expressed assuming a lot size of 100,000 units (“standard account”).