Although it has been affected by three lots of domestic data recently, the Australian Dollar (AUD) has fared poorly overall today. The Euro (EUR) has put on a comparatively more positive performance on the whole.
The Australian Dollar (AUD) has failed to advance against most of the competition today, having been severely devalued earlier by domestic data. The Reports included a falling AiG February performance of construction index, as well as the later ANZ job advertisements figure and the foreign reverses stat, both for the same month.
Among its movements today, the ‘Aussie’ has risen by 0.2% against the Canadian Dollar (AUD/CAD) and by 1% against the New Zealand Dollar (AUD/NZD), but has otherwise trended in a tight range and fallen by -0.3% against the Chinese Yuan (AUD/CNY).
The Euro (EUR) has mainly risen today, although losses have also been seen in a few areas. Potential source of optimism among investors today include Germany’s annual factory orders for February, which rose from -2.2% to 1.1%. Additionally, solid steps are being made in Brussels to stem the flow of migrants into Europe, with Turkish attendance being seen as a particular boost to the potential of a successful outcome from the meeting.
The Euro has made gains of 0.3% against the New Zealand Dollar (EUR/NZD) and 0.5% against the Polish Zloty (EUR/PLN), but has fallen by -0.5% against the US Dollar (EUR/USD) and by -0.7% against the South African Rand (EUR/ZAR).
Today’s economic data is essentially exhausted for both the Australian Dollar (AUD) and the Euro (EUR), therefore investors in both currencies will have to wait until tomorrow morning for the next events that might generate an input.
Such an occurrence will come from Australia first, with a speech from Reserve Bank of Australia (RBA) Deputy Governor Philip Lowe scheduled to take place during the morning.
Following on from this a lot later in the evening will be Germany’s mixed forecast industrial production results for January, as well as the night’s Eurozone preliminary Q4 GDP figures. Current estimates are for quarterly growth of 0.3% and annual expansion of 1.5%.
The Australian Dollar to Euro (AUD/EUR) exchange rate was trending in the region of 0.6770 and the Euro to Australian Dollar (EUR/AUD) exchange rate was trending in the region of 1.4775 during the European trading session.
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