The Australian dollar traded mostly higher against its most-traded rivals on the back of the positive market sentiment. Traders looked into the future with optimism thanks to expectations of coronavirus vaccine rollouts and the subsequent recovery of the global economy. A manufacturing report for China, Australia’s biggest trading partner, missed expectations but it did not seem to have a material impact on markets, perhaps because the data was not outright bad.
The Australian dollar was the second strongest currency on the Forex market today, losing only to the Canadian dollar. The Aussie rallied for the same reasons as the New Zealand dollar: the rebound of crude oil prices, good economic data in China, decent domestic macroeconomic reports.
The New Zealand dollar rallied today, though it has trimmed gains against some of its rivals by now. The catalyst for the rally was the release of surprisingly good domestic employment data.
The New Zealand dollar attempted to rally today following a surprisingly positive employment report that showed that New Zealand unexpectedly added jobs last quarter. The currency has retreated against some of its rivals by now but managed to keep gains versus others.
The Australian dollar was the weakest currency on the Forex market today, falling against all other most-traded rivals, even its commodity counterparts. The Aussie has started to decline yesterday and accelerated the drop after the manufacturing index demonstrated a record slump.
The Australian dollar rose today after the outlook for the monetary policy of the Reserve Bank of Australia improved. The general market sentiment improved as well, also providing support to the Australian currency. The Aussie gained against all other most-traded currencies, though by now it has retreated from the day’s highs.
The New Zealand dollar was trading lower for the most part today, though it was attempting to rise against few rivals. The market sentiment was torn between risk aversion and risk appetite due to conflicting reports about chances for a trade deal between the United States and China. New Zealand’s macroeconomic reports were neither bad nor good enough to drive the kiwi in any particular direction.
The Australian dollar sank after a dovish interest rate cut by the Reserve Bank of Australia. The news overshadowed a positive report about Australia’s manufacturing sector.
The Australian dollar tumbled today. While macroeconomic data, both domestic and from China, was not particularly bad, risk aversion on the Forex market hurt the Australian currency.
The New Zealand dollar was strong today even as, unlike its Australian peer, it had no support from macroeconomic data. Reports released over the trading session both in New Zealand and its biggest trading partner, China, were rather poor.
