Homepage » News » EUR/AUD » Euro to Australian Dollar (EUR/AUD) Exchange Rate Lower after Chinese reports, EUR/NZD also dips

Euro to Australian Dollar (EUR/AUD) Exchange Rate Lower after Chinese reports, EUR/NZD also dips


On Friday upbeat growth reports for the Eurozone and its largest economies lent the Euro some support.

However, the common currency’s gains were limited after separate data showed that the Eurozone’s trade surplus narrowed by more than forecast.

Over the weekend the Australian Dollar was able to advance on the Euro and hit a one-month high against the ‘Greenback’ following the release of Chinese credit figures.

A statement issued by the People’s Bank of China showed that new credit hit a record high in January, reducing slowdown fears for the world’s largest economy.

As currency strategist Ray Attrill noted, ‘These numbers provide some confidence that growth is still ticking along, and are good for the Aussie, Kiwi and emerging market currencies.’

The Euro also softened against the ‘Kiwi’, even as retail sales figures for New Zealand disappointed expectations.

Retail spending in the South Pacific nation did increase in the fourth quarter, but the 1.2 per cent quarter-on-quarter advance was below economists’ expectations for an increase of 1.6 per cent.

Of the 15 retail industries which made up the figure nine reported higher sales volumes in the final three months of 2013.
Fuel and clothing were the main drivers of the sales increase.

A lack of economic news for the Eurozone could restrict Euro movement in the hours ahead, though investors will also be looking ahead to tomorrow’s German ZEW economic sentiment/current situation surveys.

Overnight additional EUR/AUD fluctuations could occur as a result of the publication of minutes from the latest Reserve Bank of Australia policy meeting.

During its last policy statement the RBA dropped comments regarding the adverse impact of a strong local currency and lowered expectations for a rate cut occurring in the near future. If the minutes reiterate these perspectives they could help the ‘Aussie’ advance.

In other currency news the Pound began the week broadly stronger, buoyed by last week’s Bank of England inflation report and this morning’s UK house price data.

The US Dollar remains under pressure following last week’s string of disappointing US data releases, including a surprise fall in retail sales and less-than-impressive industrial/manufacturing production figures.

Euro (EUR) Exchange Rates

[table width=”100%” colwidth=”50|50|50|50|50″ colalign=”left|left|left|left|left”]
Currency, ,Currency,Rate , 
Euro,,US Dollar,1.3704,
Euro,,British Pound,0.8169,
Euro,,Australian Dollar,1.5178,
Euro,,New Zealand Dollar,1.6371,
Euro,,Canadian Dollar,1.5043,

As of 09:05 GMT