The Australian Dollar to Euro (AUD/EUR) exchange rate has risen noticeably today, although neither currency has been breathing easily due to the overhanging negative factors from Australia and the Eurozone.
The Australian Dollar (AUD) has declined overall today, with losses being seen against virtually all of the competition. Notable exceptions have included 0.3% against the New Zealand Dollar (AUD/NZD) and 0.5% against the Euro (AUD/EUR), but as a general rule, losses of -0.2% against the US Dollar (AUD/USD) and -0.4% against the Chinese Yuan (AUD/CNY) have been the state of play.
The most recent Australian data was the ANZ Roy Morgan Weekly Consumer Confidence Index, which beneficially rose from 115.4 to 116.3. However, this minor positive appears to have been outweighed by the larger negative effects caused by Sunday’s declining AiG Performance of Manufacturing Index for December and the Caixin China Manufacturing PMI for the same period, which declined into a contraction area.
The Euro (EUR) has made little positive progress today, with the currency recording losses almost across the board. Unlike the Australian Dollar (AUD), this is more due to direct domestic data. In this case, it has been the Eurozone December Consumer Price Indexes, which have reprinted previous figures in both the Core and Estimated fields, despite forecasts for rises in both instances.
The Euro’s greatest losses today have been by -0.4% against the Australian Dollar (EUR/AUD), -0.6% against the Canadian Dollar (EUR/CAD) and by -1.2% against the Japanese Yen (EUR/JPY).
The next series of movements in the AUD/EUR exchange rate seem set to come from the Australian side of the pairing, with the Australian AiG Performance of Service Index for December being announced in the near future. However, at the time of writing, no forecasts had been made for the outcome.
Looking further ahead, tomorrow morning will see the announcement of the Caixin China Composite and Services PMIs for December, which also had no predictions assigned to them.
The next Eurozone releases to watch out for will come tomorrow morning and cover Composite and Services PMIs for December from across the Eurozone.
The Australian Dollar to Euro (AUD/EUR) exchange rate was trending in the region of 0.6665 and the Euro to Australian Dollar (EUR/AUD) exchange rate was trending in the region of 1.5008 today.
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