The Australian dollar gained today as both domestic macroeconomic data and the general market sentiment were positive for the currency.
Released yesterday by the Conference Board, both the Leading Economic Index and the Coincident Economic Index rose 0.1% in June. Released today, the WestpacâMelbourne Institute Leading Index rose from â0.09% in June to +0.05% in July. Westpac Chief Economist Bill Evans commented on the result:
This is first above trend read since November last year. Further confirmation of this around trend reading would be consistent with the economy growing around trend for the last three or four months of 2019 and well into the first half of 2020.
AUD/USD gained from 0.6776 to 0.6797 as of 14:05 GMT today. EUR/AUD declined from 1.6374 to 1.6323.
If you have any questions, comments, or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.
