The Australian dollar performed similarly to its New Zealand counterpart today, falling due to the mix of negative market sentiment and unfavorable domestic macroeconomic data.
The WestpacâMelbourne Institute Leading Index fell from +0.01% in July to -0.35% in August. Westpac Chief Economist Bill Evans commented on the result:
Last monthâs improved signal has been very short lived with the Index growth rate back firmly in negative territory where it has been stuck for eight of the last nine months. The major contributors to the sharp fall in the growth rate over the month came from substantial drags from the share market, commodity prices and dwelling approvals. The relapse confirms the consistent signal from most of those preceding months that the economy will continue to be operating at a below trend growth pace into late 2019 and early 2020.
AUD/USD dropped from 0.6865 to 0.6838 as of 11:41 GMT today. EUR/AUD was up from 1.6128 to 1.6151, and its daily high was at 1.6182.
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