The Euro to Australian Dollar (EUR/AUD) and Euro to New Zealand Dollar (EUR/NZD) exchange rates declined on Monday as a result of an improvement in China’s trade balance. The Australian Dollar gains, meanwhile, have been slow thanks to underperforming home loans data. The ‘Kiwi’ (NZD) has strengthened considerably ahead of data due later on Monday evening.
The Euro to Australian Dollar exchange rate is currently trending in the region of 1.4408.
The Euro to New Zealand Dollar exchange rate is currently trending in the region of 1.6008.
Eurozone Investor Confidence Boosts Common Currency (EUR)
Monday’s solitary European data publication has printed positively, allowing the single currency to appreciate against many of its major peers. Eurozone Investor Confidence was forecast to edge lower from -13.7 to -13.8, but the actual result climbed to -11.9. ‘The Sentix report is pointing to some ‘cautious optimism’ for the Eurozone despite the fact that the dangers of recession have not been completely overcome. A rise in longer term optimism among the business community is being cited as the reason that the indicator has posted its first moderate improvement since July,’ writes James Boston for Finances.com.
The Euro to Australian Dollar exchange rate has dropped to a low today of 1.4366.
The Euro to New Zealand Dollar exchange rate has fallen to a low today of 1.5950.
Chinese Trade Balance Bolsters South Pacific Assets (AUD, NZD)
Both the Australian and New Zealand Dollars appreciated on Monday as a result of China’s improved Trade Balance. China’s exports grew by 11.6% on a yearly basis in October while imports only increased by 4.6%. The Trade Balance, therefore, recorded a better-than-expected rise to 45.41 billion US Dollars. ‘Imports and exports in October have both extended a growth trend from the previous month,’ the General Administration of Customs said in a statement.
Australian Dollar gains have been somewhat stunted, however, after Australian Home Loans failed to meet with the median market forecast of a rise from -0.9% to -0.4%, with the actual result only reaching -0.7%.
Euro Forecast to Gradually Advance against Australian and New Zealand Dollars (EUR/AUD/NZD)
With the ‘Aussie’ struggling to hold onto its gains, and a lack of data pertaining to New Zealand until later on Monday, the single currency is likely to advance against the Australian Dollar and recover losses versus the New Zealand Dollar.
The Euro to Australian Dollar exchange rate has advanced to a high today of 1.4422.
The Euro to New Zealand Dollar exchange rate has climbed to a high today of 1.6054.