The Australian dollar rose today, reaching the three-month high against the US dollar and the euro, as both domestic and global fundamentals were beneficial to the currency.
Australia’s trade deficit narrowed in January while the service sector halted its decline as the index rose above the neutral 50.0 level. Released yesterday, the gross domestic product report showed that the Australian economy grew in December quarter faster than analysts had anticipated. Meanwhile, crude oil prices were hovering near the highest level since the start of this year, helping commodity currencies.
AUD/USD was up from 0.7293 to 0.7338 as of 13:42 GMT today, trading near the highest level since December 4. EUR/AUD declined from 1.4894 to 1.4862, and its daily low of 1.4820 was the weakest since December 7.
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