AUD/USD Tests 0.6500 After Australia's Shock Trade Deficit, First in 8+ Years

AUD/USD probes key support at 0.6500 following Australia's unexpected March trade deficit of -A$1.841 billion, versus an anticipated A$4.25 billion surplus—the first deficit in over eight years. Previews on May 6 expected a narrowing from February's A$5.686 billion surplus amid USD weakness from US-Iran deal hopes, but the May 7 release revealed exports plunging 2.7% m/m and imports surging 14.1% m/m, triggering AUD selling. While Asia FX held gains on geopolitical de-risking and falling oil prices, the bearish data capped Aussie upside, shifting focus to 0.6400.