Australian Dollar Weak Despite Positive Fundamentals

The Australian dollar was rather weak today, falling against the US dollar and hovering near the opening level against such currencies like the euro and the Japanese yen. It was surprising considering positive macroeconomic releases from Australia and the generally good market sentiment.

The Australian Industry Group services index climbed from 54.0 in February to 56.9 in January. Australia’s trade balance logged a surplus of A$0.83 billion in February. While it was smaller than the excess of A$0.95 billion in January, the surplus was above the analysts’ median projection of A$0.68 billion.

AUD/USD slid from 0.7714 to 0.7689 as of 14:20 GMT today. AUD/JPY traded at 82.44, not far from the opening of 82.36, after falling to the daily low of 82.12 earlier.

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