European Data Boosts Australian Dollar
Better than expected news from the Eurozone helped the Australian dollar to grow against all other major currencies today despite the pessimism expressed by the RBA yesterday.
The Aussie rose against the greenback to the highest level since
The major moving factor for the AUD were reports on Purchasing Manager Index in manufacturing and services in Eurozone. Both reports demonstrated growth and the higher than expected values. Manufacturing PMI rose from 55.6 to 56.5 and Service PMI rose from 55.5 to 56.0.
AUD/USD rose from 0.8768 to 0.8939 as of 17:28 GMT today after going as high as 0.8951 earlier — the highest level since May 14. AUD/JPY increased from 76.25 to 77.78, while EUR/AUD fell from 1.4540 to 1.4430.
If you have any questions, comments or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.
Tags
CategoriesEarlier News About the Australian Dollar:
- AUD Falls as Interest Rate Expectations Decrease Optimism (2010-07-21)
- Australian and N.Z. Dollars Rise on China's Growth (2010-07-20)
- Aussie Slips on Concern for China's Growth (2010-07-13)
- Aussie Falls After It Rallied Too Much Last Week (2010-07-12)
- Economic Growth Outlook Boosts Aussie vs. Euro (2010-07-09)
3 Comments
The aussie will benefit from any positive news. Euro OR US
and it will then benefit from the no-where-else-to-go news too.
So tails you win, heads you win.
The problem is that in early 2011 their housing bubble will come home to roost. Interest rate increases serious trouble.
Can i ask whether the aussie will rise back to the previous glory of 0.9xxx?
Thanks..
Why not? If we’ll see stock markets rising and China doing well, Aussie may continue going up.