Australian Dollar Euro Exchange Rate Rises as Indonesia Kindles TPP Hope
The Australian Dollar has advanced by around 0.2% against the Euro during trading today, aided by iron ore costs and renewed hope for a multinational trade deal.
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The latest Eurozone data hasn’t been enough to raise demand for the Euro, allowing the EUR AUD exchange rate to weaken.
Australian Dollar Remains Firm amid Trump-Based Turbulence
The Australian Dollar Euro exchange rate rise seen early on Friday came partly from commodity news and partly from optimism about the future of the Trans-Pacific Partnership (TPP).
In the former case, the price of iron ore rose again for the third day in a row, with hopes being voiced that demand for the Australian export from China will increase further still after the Lunar New Year holiday.
Elsewhere, hopes for keeping the Trans-Pacific Partnership (TPP) alive have remained due to a new focus on potential member Indonesia. Indonesian Foreign Minister Retno Marsudi has stated that;
‘We will discuss [TPP] again. There are a lot of possibilities. The remaining countries will negotiate’.
This comes after US President Donald Trump withdrew the US from the trade deal, throwing its future into question.
Interest in the Euro today has been low compared to the Australian Dollar, with the latest news consisting of falling Italian monthly retail sales and a Spanish unemployment rate shift to 18.63% in Q4, which remains one of the highest unemployment rates in the Eurozone.
Australian Dollar Decline Possible if Q4 Import Prices Rise
The last notable Australian ecostats of the week will consist of this morning’s late export and import prices for Q4, covering the quarterly period.
Previously, import prices fell while export prices were positive; a reversal of this trend is likely to significantly limit demand for the Australian Dollar.
Interest in the Euro Tied to French and Italian Confidence Today
The Euro faces mixed data forecasts today, covering French and Italian consumer confidence in January as well as Italian business confidence during the same month.
At present, forecasts are for a rise in the French figure, falling Italian consumer confidence and a reprint at 103.5 for the Italian business result.
Recent AUD EUR Interbank Exchange Rates
At the time of writing, the Australian Dollar Euro (AUD EUR) exchange rate was trending in the region of 0.70 and the Euro Australian Dollar (EUR AUD) exchange rate was trending in the region of 1.41.