Euro to Australian Dollar (EUR/AUD) Exchange Rate Flatlines due to ECB Caution
The Euro (EUR) has made no progress against the Australian Dollar (EUR/AUD) today, owing to the European Central Bank (ECB) minutes from their September Monetary Policy meeting showing an extremely bearish attitude towards the future of the Eurozone.
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Fed Minutes may Trigger Major Pairing Shift ahead of Tomorrow’s ‘Aussie’ Data
The next affecter of the Euro to Australian Dollar (EUR/AUD) exchange rate is likely to be the US Fed Minutes of the September 16th-17th Federal Open Market Committee (FOMC) Meeting, as such a weighty US release has the potential to induce movement in the world’s commodity currencies. However, given the number of events that have happened since the meeting, the data could be viewed as obsolete, therefore the impact may be diminished.
Further ahead, the Australian Home Loans figure for August is likely to provide a more direct push; a 0.4% rise has been predicted.
The Euro (EUR) has risen by 0.7% against the Australian Dollar (EUR/AUD) today, just one of a number of significant gains for the common currency. This gain has unusually come at a time when the Australian September Foreign Reserves have risen and the German Current Account, Trade Balance and Import/Export figures have all fallen short of predictions.
ECB Account to Decide Leader in Future as Central Bank Day gets Underway
The next major mover in the pairing will be the European Central Bank (ECB) Account of the Monetary Policy Meeting, which will detail the thoughts of ECB policymakers on further quantitative easing, as well as potentially revealing their opinions on an interest rate rise in the future.
The Euro to Australian Dollar (EUR/AUD) exchange rate has fallen today and the single currency has fared poorly elsewhere. Thanks to a recent International Monetary Fund (IMF) report, it seems unlikely that this detrimental state will shift anytime soon.
EUR/AUD Exchange Rate News: German Shortfalls and Eurozone Outlook Downgrade Combine to Damage Euro
The Euro (EUR) has dropped by -0.7% against the Australian Dollar (EUR/AUD) today, just one of a number of losses for the single currency. Elsewhere, decline of -0.4% has been seen against the Canadian Dollar (EUR/CAD), -0.7% against the Pound Sterling (EUR/GBP) and -1.1% against the New Zealand Dollar (GBP/NZD).
The primary contributing factor for this lack of confidence in the Euro has been the yearly and monthly German Industrial Production results for August; the former result failed to meet with the 3.3% forecast, instead printing at 2.3%. For the latter, -1.2% was seen when predictions had been for a 0.2% rise. In addition, the IMF’s economic outlook yesterday had little positive in store for the Eurozone, as predictions were that a decent rate of recovery would always remain in doubt so long as Greek economic stability had not been assured.
‘Aussie’ Rallies as Supportive Commodity Prices and IMF Forecast Outweigh Limp AiG Result
The Australian Dollar (AUD) has had a virtually opposite performance to the Euro (EUR) today, rising strongly against most of the competition. Included among these gains were advances of 0.4% against the Chinese Yuan (AUD/CNY), 0.5% against the US Dollar (AUD/USD) and 0.7% against the Euro (AUD/EUR). On the other side, only a small loss of -0.4% has been seen against the New Zealand Dollar (AUD/NZD).
The most recent piece of Australian data, the AiG Performance of Construction Index, has indicated a slowdown by falling from 53.8 points to 51.9, although events elsewhere have bolstered the ‘Aussie’ considerably. These include the IMF’s prediction that China will come out steadily from the impending global slowdown, which by extension promises beneficial result for the Australian economy. In addition, the price of copper has risen steadily over the past few days.
EUR/AUD Exchange Rate Forecast: Australian Reserves Data to Open Tomorrow’s Releases
No further Eurozone or Australian results remain for today, therefore the next impactor of the pairing will be the Australian Foreign Reserves figure for September, out tomorrow. As of writing, no predictions have been made. Following this will be the German Trade Balance for August and later on, the key European Central Bank (ECB) Account of the Monetary Policy Meeting.
Current EUR, AUD Exchange Rates
The Euro to Australian Dollar (EUR/AUD) exchange rate was trending in the region of 1.5610 and the Australian Dollar to Euro (AUD/EUR) exchange rate was trending in the region of 0.6409 today.