Australian Dollar Firm in Face of Disappointing Reports

The Australian dollar was firm today despite underwhelming domestic macroeconomic reports released over the current trading session.

The Westpac-Melbourne Institute Consumer Sentiment Index for Australia declined 0.6% in May, the same as in April. The Australian Bureau of Statistics reported that the Wage Price Index rose 0.5% in the first quarter of this year from the previous three months, matching the increase in the fourth quarter of the last year. Analysts were counting on a somewhat faster pace of increase — 0.6%.

AUD/USD rose from 0.7468 to 0.7482 as of 12:46 GMT today. EUR/AUD slumped from 1.5833 to 1.5739, trading near the lowest level since March 15.

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