We're short-term fans of the Australian dollar. The global demand for commodities is incredibly strong because of the global economy, which is doing very well.

The news should provide support for the Australian dollar with a hint that the trade balance will continue to narrow.

The Australian dollar should be doing better in the short term because the rate differential is still supportive.

The case for a rate hike, while not totally compelling yet, is gaining a bit of momentum with these sort of numbers. On an interest-rate-differential and growth story, it should put the Australian dollar back in focus and see it move higher.