AUD Jumps to More Than Four-Month Record vs. EUR
The Australian dollar reached the two-month high against the US currency before retreating and climbed to highest level in more than four months versus the euro today as growth of retail sales in Australia beat analysts’ estimates.
Australian retain sales grew 0.5 percent in May. That is compared to traders’ expectations of a 0.3 percent increase. Moreover, the April reading was revised from a 0.2 percent decrease to a 0.1 percent rise. The data supported positive opinion of Australia’s central bank about the nation’s economy.
Globally, the trading environment was also favorable to the Australian currency. The Standard & Poor’s 500 Index advanced 0.6 percent and the Stoxx Europe 600 Index gained as much as 1 percent yesterday. The MSCI Asia Pacific Index of stocks rose 0.5 percent today.
AUD/USD rose from 1.0282 to 1.0320 (the highest level since May 3) before trading at 1.0273 as of 22:16 GMT today. EUR/AUD fell from 1.2259 to 1.2187 and its daily minimum was at 1.2166 — the lowest price since February 17. AUD/JPY was flat at 82.05.
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Earlier News About the Australian Dollar:
- Aussie Retreats as Market Mood Worsens (2012-07-03)
- Aussie Rebounds on Positive Outlook for Australia's Economy (2012-06-26)
- Aussie Rallies on Hopes for QE3 (2012-06-23)
- Aussie Drops with Global Equities (2012-06-22)
- Aussie Flat as News from USA & Europe Mixed (2012-06-20)