The Australian dollar was among the weakest currencies on the Forex market together with its commodity-related counterparts today due to coronavirus panic that makes investors seek safer options. While it has trimmed its losses by now, the Aussie is still trading below the opening level against the majority of most-traded currencies.
The Australian dollar plunged to the lowest level in more than a decade against a range of currencies today but now is trying to recover. As was expected, the Reserve Bank of Australia announced additional monetary stimulus. Meanwhile, employment data showed surprisingly good results.
The Australian dollar attempted to rally today after the release of monetary policy minutes from the Australian central bank and domestic macroeconomic data but failed and continued its crash to new multi-year lows. The outlook for another interest rate cut was not helping the Aussie either.
The Australian dollar rose today, attempting to rebound after the recent flash crash. But today’s gains were nowhere near enough to erase losses the currency has logged since the end of the last week. The coronavirus continues to spread across the globe, hurting demand for riskier currencies linked to commodities. Negative domestic macroeconomic data was not helping the matter either.
The Australian dollar was soft today. While it managed to gain on the US and Canadian dollars, the Aussie fell against other most-traded currencies. It declined even against its New Zealand counterpart, which is also considered riskier commodity currency. The market sentiment remained in a risk-off mode, weighing on Australian currency, and Australia’s macroeconomic releases were not helping either.
The Australian dollar continued to rise, logging a third consecutive daily gain. This time, it is easier to explain the currency’s rally as it followed the better-than-expected GDP print released during the trading session. Economic data from China, Australia’s biggest trading partner, was atrocious, but it had a little impact on the movement of the Aussie.
Fundamentals looked extremely grim to the Australian dollar today. An interest rate cut by Australia’s central bank, unfavorable domestic economic reports, persisting risk aversion on markets — all those factors should have driven the currency down. But instead, the Aussie jumped against almost all of its major rivals, except for the Japanese yen.
The Australian dollar fell against almost all most-traded currencies today (with the exception of the New Zealand dollar) after the release of an employment report. While the employment figures were not that bad, the bigger-than-expected increase of unemployment made the currency unappealing to traders.
The Australian dollar continued to rise today after the business confidence improved. Other commodity currencies were trying to recover as well even though investors remained cautious as the deadly coronavirus continued to spread across China.
The Australian dollar rose today after China’s consumer inflation accelerated more than was expected by markets. The market sentiment was still cautious as the Wuhan coronavirus continued to spread across China.
