The current week has been fairly good overall for the Australian Dollar (AUD), which has managed to climb against two of its biggest rivals and remain strong against the Euro (EUR).
The Australian Dollar (AUD) has been on an uptrend so far today, with gains being brought about by yesterday’s disappointing outcome for the US initial jobless and continuing claims stats for mid-march.
In the former case, a rise from 265k to 276k was recorded, while in the latter, the reduction from 2180k to 2173k was nowhere near the figure required to raise confidence in the US Dollar (USD).
Initial aid for the ‘Aussie’ came earlier on, when the private sector credit figures on the month and the year in February rose respectively from 0.5% to 0.6% and from 6.5% to 6.6%.
Recent gains for the Australian Dollar have included 0.2% against the Chinese Yuan (AUD/CNY), 0.56% against the US Dollar (AUD/USD) and 0.7% against the Pound Sterling (USD/GBP). The most recent gains for the ‘Aussie’ come as a welcome contrast to the losses recorded last week.
The Euro (EUR) performance has been a mixed bag overall today, with sizable losses being matched by equally large gains.
In the former category, the common currency has fallen by -0.3% against the Polish Zloty (EUR/PLN) and by -0.8% against the South African Rand (EUR/ZAR), while in the latter the Euro has risen by 0.7% against the US Dollar (EUR/USD) and the Pound Sterling (EUR/GBP).
The single currency has been most recently affected in value by yesterday’s German unemployment change for March, as well as the Eurozone consumer price estimates that came out on the same day. In the former case, the employment change remained at a flat 0, while the inflation rate outcomes were actually fairly positive, all things considered.
A pair of major announcements from Australia and the Eurozone begins with the former nation’s data being scheduled for release first. This will be in the form of the AiG performance of manufacturing index for March, which previously came in the growth range of 53.5 points.
Later on in the day, the Eurozone unemployment rate for February is due out; this is expected to remain static at 10.3%.
The Australian Dollar to Euro (AUD/EUR) exchange rate was trending in the region of 0.6764 and the Euro to Australian Dollar (EUR/AUD) exchange rate was trending in the region of 1.4788 today.
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