The Australian Dollar to Euro (AUD/EUR) exchange rate softened on Friday as Eurozone finance ministers met with Greek government officials to continue negotiations regarding Greece’s austerity package.
However, it appears as if Greece has been given a stern talking to, with debates getting quite heated and reports surfacing that the nation was told to get its act together quickly.
Moreover, the probability of a default has climbed, with investors expecting the nation to disregard its International Monetary Fund (IMF) debt repayments in the near future.
Bloomberg reported: ‘Euro area finance chiefs said Varoufakis [Greek finance minister] handling of the talks was irresponsible and accused him of being a time-waster, a gambler and an amateur, one of the people said.’
Meanwhile, the German economy released some favourable data with the IFO German Business Climate jumping from 107.9 to 108.6 in April. Furthermore, the German IFO Current Assessment rose from 112.1 to 113.9 in April.
IFO President Hans-Werner Sinn commented: ‘Assessments of the current business situation once again improved considerably. Optimistic assessments of the business outlook, however, were scaled back slightly. The upswing in the German economy continues.’
Meanwhile, the Australian Dollar was trading in another quiet day for domestic data, which made it vulnerable to speculation and global developments. Moreover, next week will be extremely quiet for Aussie economic figures, with only Friday’s AiG Performance of Manufacturing Index of particular significance.
However, the AUD/EUR currency pair is forecast for fluctuations on account of Eurozone data. Tuesday will kick-off with moderate movement on the release of German Retail Sales figures.
Wednesday could be a much more influential day for the Euro with GfK’s German Consumer Confidence and German Consumer Price Index released. Inflation is being closely watched at the minute as the Eurozone continues with its quantitative easing (QE) in the hope of encouraging growth.
The Eurozone Consumer Price Index will follow on Thursday along with German Unemployment Rate and Unemployment Change stats.
The Australian Dollar to Euro (AUD/EUR) exchange rate is trading at 0.7186. The Euro to Australian Dollar (EUR/AUD) exchange rate is trending in the region of 1.3922.
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