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Euro Australian Dollar Exchange Rate Climbs on Widespread USD Weakness

The Euro has posted moderate gains against the Australian Dollar so far today.

  • EUR AUD trades at 1.42 – AUD EUR rate hits 0.70
  • Euro appeal climbs after inspiring ECB comments – Central bank’s role touted by ECB official
  • AUD EUR soft even as iron ore prices jump – Demand for national commodity remains high
  • Euro turbulence likely on incoming confidence stats – AUD gains possible on manufacturing data

The Australian Dollar has dipped against the Euro during trading, despite recent commodity price shifts.

Euro Exchange Rate News: Widespread Gains for EUR Follow ECB Confidence

The Euro Australian Dollar exchange rate has climbed to the range of 1.42 today, which comes on a relatively quiet data day for the Eurozone.

The main focus has been on European Central Bank (ECB) speeches, which have come so far from officials Julie Dickson and Yannis Stournaras.

In the former case, Dickson has been ‘hopeful’ that new global banking rules will be agreed upon, while the latter, Stournaras has stated of the ECB that;

‘If there’s more volatility, more uncertainty, more protectionism, we want to be an even stronger pillar of stability’.

Australian Dollar Euro Exchange Rate Weakens even as Iron Ore Costs Remain Bullish

The Australian Dollar Euro exchange rate has fallen today to 0.70. In other pairings, however, demand for the AUD has been high, with considerable gains coming against the Pound and US Dollar.

In the wake of any major domestic data, the Australian Dollar movement has once again focussed on iron ore.

The latest rally has seen prices approach the region of $80 per tonne, with some forecasters predicting a further rise to $90 per tonne.

While China has been phasing out steel production in some areas, other factories still have a high level of demand for the Australian resource, which has seen AUD demand help to curb the extent of EUR AUD gains.

Future EUR AUD Forecast: Euro Fluctuations Forecast on Mixed Confidence Predictions

The next Eurozone data to watch out for will arrive on Tuesday morning, covering November’s business and consumer confidence results, as well as services, industrial and economic sentiment.

High levels of Euro Australian Dollar exchange rate volatility are predicted, given that forecasts have been mixed across the board.

On the AUD side, the first notable data of the week is due on Wednesday, where the late AiG manufacturing index is expected to rise from 50.9 to 51.4.

Ahead of this news, any major movement on Tuesday is expected to come from iron ore price changes.

Current Interbank Exchange Rates

The Euro Australian Dollar (EUR AUD) exchange rate was trending in the region of 1.42 and the Australian Dollar Euro (AUD EUR) exchange rate was trending in the region of 0.70 today.