S&P/ASX 200 closes 0.27% higher as Australia records another current account surplus

S&P/ASX 200 (INDEXASX:XJOASX) closed 15.9 points or 0.27% higher to 5,835.1 and has now entered its sixth straight week of gains despite the uncertainty surrounding US-China tension and the civil unrest in the US.

Gold prices are at seven and a half year highs and oil has bounced back strongly over the past month as the global economy reopens.

Australias Reserve Bank kept interest rates unchanged at 0.25% as expected, following two rate cuts in March at the peak of COVID-19 concerns.

RBA governor Philip Lowe said that while the pandemic has led to a severe global downturn, a recovery might be sooner than expected.

Australias current account – which is the broadest measure of international trade – was in surplus by a record $8.4 billion in the March quarter.

This makes it Australias fourth straight quarter of surpluses and net exports are expected to add around 0.5% to economic growth.

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