Aussie Drops for Fourth Day vs. Euro & Franc

The Australian dollar fell today. It was the fourth drop in a row against such currencies as the euro and the Swiss franc, but the first decline in six sessions versus the US dollar.

One of the possible reasons for drop was unimpressive economic data released in Australia today. The Westpac-Melbourne Institute Consumer Sentiment Index dropped 1.1% in May after falling 0.7% in April. The Wage Price Index fared better, rising 0.5% in the March quarter from the previous three months, in line with expectations, after increasing 0.4% in the previous reporting period.

AUD/USD dropped from 0.7425 to 0.7405 as of 11:32 GMT today. EUR/AUD rallied from 1.4921 to 1.4994, trading near the highest level since September.

If you have any questions, comments or opinions regarding the Australian Dollar,
feel free to post them using the commentary form below.

Leave a Reply

Your email address will not be published. Required fields are marked *