Aussie Reaches Multi-Year Highs, Ignoring Economic Data

Macroeconomic data released from Australia today was mixed, but that did not prevent the Australian dollar from rising and even reaching multi-year highs against such currencies like the euro and the Swiss franc.

The Westpac-Melbourne Institute Leading Index fell from 1.36% in December to 1.30% in January. Construction work done fell 0.3% in the December quarter from the previous three months while markets had expected an increase. The Wage Price Index rose 0.5% in the same period, matching forecasts.

AUD/USD gained from 0.7673 to 0.7692 as of 9:31 GMT today. EUR/AUD dropped from 1.3723 to 1.3667, and its daily low of 1.3625 was the lowest since June 2013. AUD/CHF rallied from 0.7746 to 0.7785, touching 0.7805 intraday — the highest level since the huge crash in January 2015 when the Swiss National Bank unexpectedly dropped the franc’s peg to the euro.

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