The Australian dollar was down intraday but has bounced as of now even though Australia’s macroeconomic data was rather detrimental to the currency.
Australia’s private capital expenditure dropped 5.2% in the March quarter of 2016 versus the forecast decline by 3.2%. The Australian currency demonstrated a surprising reaction to the news, starting a rally. The possible reason for the admirable performance was the rise of crude oil prices that have reached the $50 level.
AUD/USD advanced from the open of 0.7197 to 0.7231 as of 14:01 GMT today after falling to the session low of 0.7161. AUD/JPY touched the low of 78.44 before returning to the opening level of 79.30.
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