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Australian Dollar Trades Weakest on Monday

July 2, 2018 at 11:48 by Vladimir Vyun

General Sir John Monash on Australian 100-dollar billThe Australian dollar was the weakest currency on the Forex market during the current trading session, falling against all other most-traded rivals. The most likely reason for that was the persisting fears of trade wars between the United States and their trading partners. Macroeconomic releases on the weekend and Monday were mixed, giving the currency no reason to go in one direction or the other.

The Manufacturing Index released by Australia Industry Group fell from 57.5 to 57.4 in June. ANZ Australian Job Advertisements fell 1.7% in June after rising 1.4% in the previous month. The Index of Commodity Prices reported by the Reserve Bank of Australia rose 6.6% in June, year-on-year, following the 3.5% increase in the prior month.

As for economic data from China, Australia’s biggest trading partner, the Caixin China General Manufacturing PMI fell from 51.1 in May to 51.0 in June. As for the official data, the manufacturing Purchases Managers’ Index fell from 51.9 to 51.5 in June. At the same time, the services PMI ticked up a little from 54.9 to 55.0.

AUD/USD dropped from 0.7405 to 0.7359 as of 11:41 GMT today. EUR/AUD advanced from 1.5756 to 1.5815. AUD/JPY fell from 81.90 to 81.50 after touching the daily high of 82.11.

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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