Rising Import Prices Give Little Help to Australian Dollar

Macroeconomic data released in Australia today was much better than expected, but that had little impact on the Australian dollar. The currency was mixed intraday and is trading virtually flat as of now.

The Australian Bureau of Statistics reported that import prices rose 2.1% in the March quarter of 2018 from the previous three months following the 2.0% increase in the December quarter. That was a noticeably faster pace of growth than 1.3% predicted by analysts. But the Aussie did not respond well to the report, perhaps because traders were reluctant to make big bets ahead of the European Central Bank policy announcement that will happen later today.

AUD/USD ticked up from 0.7564 to 0.7579 as of 10:30 GMT, reaching the high of 0.7580 intraday. EUR/AUD opened at 1.6074 and rose to 1.6110 before pulling back to 1.6084.

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