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Aussie Unable to Hold onto Gains Caused by Improving Consumer Sentiment

October 10, 2018 at 11:31 by Vladimir Vyun

General Sir John Monash on Australian 100-dollar billPositive macroeconomic data helped the Australian dollar to rise overnight but the currency has trimmed its gains by now, losing them outright against some of its major peers, including the US dollar and the euro.

The Westpac-Melbourne Institute Index of Consumer Sentiment rose 1% in October from the previous month. The index fell 3% in September. The report commented on the result:

It is encouraging that these negatives seem to have, at least for the time being, run their course. Several positives have likely helped stabilise the Index, including strong economic growth, a solid labour market and ongoing recoveries in the previously weak mining states.

AUD/USD climbed to 0.7130 overnight but has pulled back to trade near the opening level of 0.7102 by 11:21 GMT today. EUR/AUD rose from 1.6173 to 1.6200 after falling to the daily low of 1.6147 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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