Euro Australian Dollar exchange rate movement has been positive during trading today, thanks in part to a number of supportive Eurozone announcements.
- EUR AUD exchange rate close to 1.45 – AUD EUR trades on the edge of 0.89
- Eurozone data shows historic German unemployment low – EZ manufacturing rise seen
- Australian Dollar crashes despite high iron ore prices – Damage caused by building permits slump
- Eurozone unemployment rate out tomorrow – Australian trade balance expected early
The Australian Dollar has ceded gains to the Euro and most other peers today, with Monday and Tuesday’s successive rallies dropping off on the latest Australian domestic data.
Euro News: EUR AUD Exchange Rate Rises after Spate of Positive Ecostats
The Euro has been aided against the Australian Dollar today thanks to a range of economic announcements from the Eurozone, which have pushed the EUR AUD exchange rate close to 1.45.
Supporting to Euro is news that, after a German unemployment rate drop to 6% in October, the rate is now at its lowest since 1990.
Additionally, the finalised Eurozone manufacturing PMI for October has also printed positively, showing an upwards revision from 52.6 to 53.5.
Australian Dollar Losses Stem from Domestic Data Crash Overriding Iron Ore Support
The Australian Dollar’s winning streak this week has finally run out, with AUD EUR weakening on the back of much worse than expected figures concerning building permits.
While the September permits figure had been forecast to improve from -1.8% to -0.43%, it instead slumped heavily to -8.7%, greatly alarming investors in the process.
Other Australian news has been much more positive, with the price of iron ore continuing its strong uptrend to reach the highest price since the end of April this year.
Future EUR AUD Forecast: Further Euro Gains Possible on Eurozone Unemployment Tomorrow
The Euro Australian Dollar exchange rate could well extend its lead tomorrow morning, should the September unemployment rate result show a drop as forecast from 10.1% to 10%.
Other Eurozone data will include a predicted drop for Italy’s unemployment rate during the same month, although Spain’s unemployment change for October is conversely forecast to rise by around 36.5k persons.
From Australia, further losses for the ‘Aussie’ may be in store on tomorrow’s early balance of trade result for September, which is predicted to show a deficit expansion from -2.01bn to -2.2bn.
Current Interbank Exchange Rates
The Euro Australian Dollar (EUR AUD) exchange rate was trending in the region of 1.44 and the Australian Dollar Euro (AUD EUR) exchange rate was trending in the region of 0.69 today.