Australian Dollar (EUR) to Euro (EUR) Exchange Rate to be Influenced by Upcoming Business Confidence, Loans and WPI Data

Australian Dollars (AUD)

The Australian Dollar fared poorly against the Euro yesterday, due to comments from the Reserve Bank of Australia (RBA).

The Euro performed well overall, although domestic data was in relatively short supply.

Australian Economic News: RBA Cuts Inflation Rate Forecast, Australian Dollar Tumbles

The Australian Dollar made notable losses against a majority of its peers yesterday, owing to the outcome of the RBA monetary policy statement that came in the morning.

While the earlier April construction index improved from 45.2 to 50.8, and services also came out beneficially, the RBA statement eclipsed this bright spot with its high levels of negativity.

Previous forecasts for inflation on the year to December were for 2-3%; these were dropped down to 1-2%, owing to:

‘broad based weakness in domestic cost pressures’.

Notable Australian Dollar losses included drops of -1.5% against the Chinese Yuan (AUD/CNY), the Euro (AUD/EUR) and the US Dollar (AUD/USD).

Euro (EUR) Influenced by Poor Retail Stats and Improving Spanish Data

The single currency has been generally stable against its peers of late, with gains consisting of 0.4% against the Swiss Franc (EUR/CHF) and the Pound Sterling (EUR/GBP) and 1.7% against the Australian Dollar (EUR/AUD).

In spite of this apparent positivity, the biggest piece of Eurozone data yesterday, the April retail PMI, actually fell further into the contraction range from 49.2 to 47.9.

More supportive was the climbing Irish consumer confidence printing for the same month and the rising annual Spanish industrial production results for March.

Euros (EUR)

AUD, EUR Exchange Rate Forecast: AU Business Confidence Results Out Monday, German and Eurozone GDP due Friday

The next notable data to affect the AUD/EUR pairing will come from Australia first, in the form of Monday’s NAB business confidence result for April. At present, forecasts have been for a drop from 6 points to 5.42.

Other Australian announcements to watch out for include Wednesday’s home loans results and Friday’s wage price index results for the first quarter.

On the Eurozone side, the biggest releases to be aware of will be Monday’s German factory orders results, Tuesday’s OECD economic outlook and German trade balance printings and Friday’s German and Eurozone GDP results for the first quarter of the year.

Recent AUD, EUR Exchange Rates

The Australian Dollar to Euro (AUD/EUR) exchange rate has been trending in the region of 0.6444 and the Euro to Australian Dollar (EUR/AUD) exchange rate has been trending in the region of 0.7907 of late.


Oliver has developed an expert understanding of the Forex market and the main drivers behind currency movement since entering the financial sector. He writes daily articles covering the latest shifts in currency for a range of sources online, as well as providing potential forecasts of future movement. This gives his followers all the information they require to protect their international money transfers from market exposure and currency risk. - View all posts by Oliver Meredew

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