The Australian Dollar to Euro (AUD/EUR) exchange rate was trending higher in Friday’s European trading as investors closely monitored the situation between Greece and its creditors. Greece has been given six days to put forward appropriate reform plans before the Eurogroup meeting on 24th April.
Today marks Good Friday in Greece, signalling the run-up to Orthodox Easter (April 12th). The nation had previously stated that an agreement would be made by the 12th, a development that was clearly an overestimation in the productivity of negotiations.
Despite Greece making its €460M payment to the International Monetary Fund (IMF) on Thursday, some sources are suggesting the Eurozone is secretly planning to kick Greece out of the currency bloc.
The times stated: ‘A memo drawn up by the finance ministry in Finland which is closely allied to Germany, has revealed preparations for a Greek exit from the Euro.’
The Australian Dollar to US Dollar (AUD/USD) exchange rate was trading lower in Friday’s European session ahead of moderate US data out later in the day. The US Monthly Budget Statement is due for release this afternoon which could impact the ‘Buck’ substantially.
Furthermore, Federal Reserve official Narayana Kocherlakota is scheduled to speak later during Friday’s trading and has a strong reputation for his dovish tones. Earlier this week Kocherlakota suggested that the Federal Reserve shouldn’t begin hiking interest rates until 2016—a move that wasn’t well received by markets hoping for higher borrowing costs.
Kocherlakota stated: ‘I continue to believe that it would be a mistake to raise the target range for the Fed funds rate in 2015. [The Fed should] start late and raise more slowly than we did in 2004 to 2006.’
The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate remained in a tight range at the start of Friday’s European session, but has the potential to gain on weak British data.
The UK’s Industrial Production ecostat tumbled from 1.3% to 0.1% in February on the year, rather than the 0.3% forecast.
Additionally, Manufacturing Production took a larger-than-predicted slip to 1.1% from 1.9%, defying estimates for a softer fall to 1.3%.
The Australian Dollar to Euro (AUD/EUR) exchange rate is reaching 0.7240. The Australian Dollar to US Dollar (AUD/USD) exchange rate is trading at 0.7681. The Australian Dollar to Pound Sterling (AUD/GBP) exchange rate is trending in the region of 0.5247.
Disclaimer: Currency-Converter.com.au and its data provider, TorFX, make no claims regarding the validity or exactness of the information provided in on this site and will not be held liable for any use, interpretation, or other implementation of the information provided. Currency-converter.com.au make no warranties, express or implied, as to results to be obtained from use of such information, and make no express or implied warranties of condition, quality, performance, merchantability or fitness for a particular purpose or use. Currency-converter.com.au shall not have any liability for the accuracy of the information contained in the services provided or ommissions there in which are made available on a free, as-is basis. None of the aforementioned parties shall be liable for any third party claims or losses of any nature, including, but not limited to, lost profits, punitive, consequential, special, incidental, indirect or similar damages even if advised of the possibility of such damages. Rates offered are interbank rates and may not be the same as offered by your financial institution, and do not include commissions. Rates shown on this site will vary from those provided by TorFX or other providers linked to from this site.