The Australian dollar declined against its major rivals today despite a positive economic report released in Australia during the current trading session.
Australia’s Producer Price Index rose 0.6% in the December quarter of 2017 from the previous three months. That was a bigger increase than 0.4% predicted by analysts and 0.2% registered in the September quarter.
Yet the Aussie did not respond to the helpful data, extending its drop. Market experts speculated that the reason for the currency’s weakness was the recent decline of iron ore prices.
AUD/USD dropped from 0.8042 to 0.7986 as of 12:25 GMT today. EUR/AUD gained from 1.5556 to 1.5631.
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