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Positive Economic Data Doesn’t Prevent Fall of Australia Dollar

February 27, 2017 at 11:57 by Vladimir Vyun

Australian dollar billsMonday’s economic data from Australia was very good with a huge jump of corporate profits, but that did not prevent the Australian dollar from falling against its major rivals.

Australia’s company gross operating profits climbed by 20.1% (seasonally adjusted) in the December quarter from the previous three months. The increase was far bigger than 8.0% predicted by analysts. The Aussie had been rising before the report and continued its move up afterwards but halted the rally as of 4:45 GMT and slipped below the opening level against the majority of its most-traded peers.

AUD/USD was up from 0.7679 to 0.7707 but backed off to 0.7670 as of 11:45 GMT today. EUR/AUD rose from 1.3745 to 1.3789 after falling to 1.3711 earlier.

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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