The Australian Dollar to Euro (AUD/EUR) exchange rate has trended in a narrow range during the European session, owing to positive Eurozone developments and a poor set of Australian results recently.
The Australian Dollar (AUD) has fallen by -0.2% against the Euro (AUD/EUR) during the European session, which has been just one of a number of losses for the ‘Aussie’. Other declines have been a narrow trending against the US Dollar (AUD/USD) and a -0.3% drop against the Pound Sterling (AUD/GBP); on the other side of the coin, a narrow positive trend has been seen against the Chinese Yuan (AUD/CNY) and a 0.8% advance against the New Zealand Dollar (AUD/NZD) has also been recorded.
The ‘Aussie’ has been affected detrimentally recently by the AIG Performance of Manufacturing Index announced yesterday, which fell from 52.1 to 50.2. On Monday, the Building Approvals results for September similarly disappointed investors, as both printings fell short of forecasts. Adding insult to injury, the price of copper has also been on a major downtrend lately.
The Euro (EUR) has made a number of steady advances against the competition during the European session, with the biggest of these comprising of 0.3% against the Australian Dollar (EUR/AUD), the Canadian Dollar (EUR/CAD) and the Indian Rupee (EUR/INR), along with 0.6% against the New Zealand Dollar (EUR/NZD). The most notable loss for the Euro has been by -0.6% against the South African Rand (EUR/ZAR).
As with a number of other currencies during the European session, the Euro has been affected by PMI releases. These have included positive results for the Italian, German and Eurozone Manufacturing results in October, although France has bucked the trend and instead printed a decline from 50.7 points to 50.6. For context, no change had been predicted for the French result, while similar stagnations and declines were forecast for the rest of the PMI postings.
Two high-impact releases are due in the near-future that have the potential to shift the Australian Dollar to a more favourable position against the Euro; these are the US ISM Manufacturing result for October and the Reserve Bank of Australia (RBA) Interest Rate Decision.
With the former economic publication, a decline is expected from 50.2 points to 50, which would naturally be of benefit to the Australian Dollar. Further ahead, the RBA’s choice over the Australian interest rate may provide the ‘Aussie’ with further movement in a positive direction, although at the time of writing, no change had been predicted from the current rate of 2%.
The Australian Dollar to Euro (AUD/EUR) exchange rate was trending in the region of 0.6474 and the Euro to Australian Dollar (EUR/AUD) exchange rate was trending in the region of 1.5452 today.
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