Australian Dollar Unable to Maintain Upward Momentum

The Australian dollar failed to maintain its rally despite relatively supportive macroeconomic data, both domestic and overseas.

The Australian currency demonstrated the performance which was rather similar to that of its New Zealand counterpart — an attempt to rally intraday, but a failure to maintain gains. As for economic reports from Australia, they were rather good, with the exception of private capital expenditure that showed a 4% drop in the third quarter of this year from the previous three months on a seasonally adjusted basis. Meanwhile, the AIG Manufacturing Index climbed from 50.9 to 54.2 in November, and the Index of Commodity Prices surged 32.1% last month, year-on-year.

AUD/USD traded at 0.7387 as of 11:10 GMT today after opening at 0.7382 and rising to the daily high of 0.7419. AUD/CHF dropped from 0.7507 to 0.7485 following the rally to the session maximum of 0.7529.

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