The ‘Aussie’ (AUD) has gained on the US Dollar (USD) recently, despite a mixture of domestic data not providing perfect conditions for this advance.
The recent Australian economic data has included the skilled vacancies outcome for March, which supportively fell by -1.2%. Less supportive, however, was the Westpac leading index for the same month, which fell to -0.12%.
Additionally, yesterday’s NAB business confidence survey for the first quarter fell from an upwardly-revised 5 points to 4, which was offset by Reserve Bank of Australia (RBA) foreign exchange transactions in March rising from 476m to 954m.
Among recently witnessed Australian Dollar (AUD) movements as a result of this variety of data have been advances of 0.2% against the US Dollar (AUD/USD) and 0.4% against the Chinese Yuan (AUD/CNY). Losses have been made up of -0.4% against the Pound Sterling (AUD/GBP) and -0.5% against the Euro (AUD/EUR). Compared to earlier in the week, this represents a superior outcome for the ‘Aussie’.
The US Dollar (USD) has been making decidedly mixed movements of late, with gains mainly coming from yesterday’s early rise in existing home sales in March. While a previous drop of -7.1% was recorded, a more beneficial rise of 5.1% was announced for the monthly outcome.
A notable development outside of domestic data has come from German economist Rudolf Hickel, who has accused the US government of gouging automobile manufacturer Volkswagen to improve its own vehicular industry.
Speaking yesterday, Hickel stated that:
‘The US government authorities have shamelessly exploited the Volkswagen scandal in order to strengthen its own business position. Washington wants to promote its own industry at the expense of the German carmaker’.
The position of VW in Germany, the US and elsewhere remains tenuous, with the carmaker’s initial headway into the US market at the time being attributed to its supposedly low-emissions vehicles.
The ‘Buck’ has recently crept up against the Australian Dollar (USD/AUD) and made a 0.6% gain against the Polish Zloty (USD/PLN), although losses of over -0.3% against the Pound Sterling (USD/GBP) and the Euro (USD/EUR) have also been witnessed.
With the last Australian ecostats of the week now out, it only remains for a Chinese and US economic announcement to generate any further notable movement for the AUD/USD pairing.
First off will be this morning’s Chinese MNI business indicator for April, which could boost Australian Dollar (AUD) appeal if confidence increases in the Chinese economy’s prospects.
Following on from this will be the last major US data release before the weekend – tonight’s positively forecast preliminary manufacturing PMI result for April.
Outside of these scant announcements, the ‘Aussie’ could also be shifted by the price of nationally important mining products like iron ore.
The Australian Dollar to US Dollar (AUD/USD) exchange rate was trending in the region of 0.7778 and the US Dollar to Australian Dollar (USD/AUD) exchange rate was trending in the region of 1.2861 recently.
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