Australia's trade surplus narrowed by $2.2b in July

The news: Australia recorded an $8.04 billion trade balance surplus in July, narrowing from $10.27 billion in June and undershooting expectations.

The numbers: Exports fell by $1.10 billion, driven by nonmonetary gold, while imports rose $1.13 billion, led by non-industrial transport imports. The trade surplus was $2.23 billion down, seasonally adjusted, on June's.

The context: The surplus undershot forecasts of $10.05 billion, but had no material effect on the Aussie dollar, which was buying 63.8 US cents immediately after the data release.