The ‘Aussie’ has lost out in some pairings lately, owing to disappointing domestic data and apparent conflicts rising within the currently governing coalition.
The Euro has similarly been making fluctuating movements, on account of a recent spate of poor ecostats.
The ‘Aussie’ has been a relatively unappealing option for investors of late, due to a recent rift that has emerged in the Coalition over the language used to campaign to voters for the July 2nd election.
While the National Party of Australia is part of the Coalition Government made up of the Liberals and other parties, the Nationals have recently objected to the decision to campaign under the slogan of ‘The plan for a strong new economy’.
This is due to the implication that moving to a ‘new’ economy will override the ‘old’ one, which according to a senior National party member:
‘Sounds…to a truck driver that he’ll be out of a job and a robot will replace him. We don’t want to tell people that the economy that they are in, that the job that they are in, this it is in peril’.
Elsewhere, May consumer inflation expectation has dropped from 3.6% to 3.2%.
The single currency has been scarcely higher in appeal than the Australian Dollar of late, on account of the most recent Eurozone economic announcements.
Eurozone industrial production results for March have been the most damaging aspect, having fallen on both the month and the year. A closer analysis of the European Union Statistics Office results showed that every sector barring energy production had posted a loss.
A brief ray of light came in the form of Greece’s unemployment rate drop from 24.4% to 24.2%, although this failed to dent the negativity put across by the industrial data.
Australia will be lacking in domestic data releases for the short-term, as the next economic announcement will be Tuesday’s new motor vehicle sales results for April.
Following on from this later in the week will be the Reserve Bank of Australia (RBA) May meeting minutes and unemployment rate result for April, both of which are due on Thursday.
The Eurozone will have more immediate economic announcements in the form of this afternoon’s finalised German inflation results for April, released alongside preliminary German and Eurozone GDP printings for the first quarter.
German inflation is expected to remain low, while GDP is forecast to rise and Eurozone GDP to reprint at previous positive figures.
The Australian Dollar to Euro (AUD/EUR) exchange rate has been trending in the region of 0.6439 and the Euro to Australian Dollar (EUR/AUD) exchange rate has been trending in the region of 1.5536 today.
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