The Australian dollar behaved similarly to its New Zealand counterpart today, falling intraday but rebounding later. Domestic macroeconomic data was not good, but that did not prevent the Aussie from bouncing.
The six month annualized growth rate in the WestpacâMelbourne Institute Leading Index fell from â0.37% in January to â0.56% in February. The report commented:
The signal from the Index is certainly consistent with the weak momentum in the second half of 2018 revealed in the print of the December quarter national accounts. In the second half of 2018 growth momentum slowed to an annualised pace of 1% from a 4% pace in the first half of the year.
AUD/USD was at about 0.7092 as of 10:38 GMT today after opening at 0.7086 and falling to the daily low of 0.7056. EUR/AUD traded near 1.6003, close to its opening level of 1.6012, after rallying to the session maximum of 1.6076 earlier.
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