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Aussie Reaches Multi-Year Highs, Ignoring Economic Data

February 22, 2017 at 9:48 by Vladimir Vyun

A heap of AUD100 bill strapsMacroeconomic data released from Australia today was mixed, but that did not prevent the Australian dollar from rising and even reaching multi-year highs against such currencies like the euro and the Swiss franc.

The Westpac-Melbourne Institute Leading Index fell from 1.36% in December to 1.30% in January. Construction work done fell 0.3% in the December quarter from the previous three months while markets had expected an increase. The Wage Price Index rose 0.5% in the same period, matching forecasts.

AUD/USD gained from 0.7673 to 0.7692 as of 9:31 GMT today. EUR/AUD dropped from 1.3723 to 1.3667, and its daily low of 1.3625 was the lowest since June 2013. AUD/CHF rallied from 0.7746 to 0.7785, touching 0.7805 intraday — the highest level since the huge crash in January 2015 when the Swiss National Bank unexpectedly dropped the franc’s peg to the euro.

If you have any questions, comments, or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

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