Positive Economic Data Doesn’t Prevent Fall of Australia Dollar

Monday’s economic data from Australia was very good with a huge jump of corporate profits, but that did not prevent the Australian dollar from falling against its major rivals.

Australia’s company gross operating profits climbed by 20.1% (seasonally adjusted) in the December quarter from the previous three months. The increase was far bigger than 8.0% predicted by analysts. The Aussie had been rising before the report and continued its move up afterwards but halted the rally as of 4:45 GMT and slipped below the opening level against the majority of its most-traded peers.

AUD/USD was up from 0.7679 to 0.7707 but backed off to 0.7670 as of 11:45 GMT today. EUR/AUD rose from 1.3745 to 1.3789 after falling to 1.3711 earlier.

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