The Australian dollar remained firm today, being one of the strongest currencies on the Forex market, second only to the New Zealand dollar. The Australian central bank released its economic projections on Friday. While they were pessimistic in the short term, over the longer term the projections were fairly positive.
The Australian dollar rose a bit today following the release of a better-than-expected retail sales report. Gains were limited, though, as the market sentiment was mixed, failing to help the currency in finding direction.
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 traded lower for the most part today as traders’ optimism was evaporating. The relatively positive Chinese macroeconomic data was unable to provide the Aussie a boost. Economic indicators in Australia itself were mixed.
The Australian dollar today fell against the US dollar before recovering to trade at breakeven driven by positive investor sentiment and news events. The AUD/USD currency pair today rallied higher as investors bought the Aussie ahead of a gradual reopening of Australia’s economy.
The Australian dollar fell against almost all of the most-traded currencies today with the exception of the New Zealand dollar. The main reasons for the decline were the negative market sentiment and the dovish outlook for the monetary policy of Australia’s central bank.
The Australian dollar was demonstrating an impressive performance so far in April. But can the currency maintain its upward momentum this week? Market analysts have doubts about that.
The Australian dollar has experienced strong volatile moves lately. The currency tanked in the first half of March, recovered a bit in the second half only to move down again in April. While it is hard to predict price movements during such volatile time, let’s see what factors will be affecting the Aussie this week and how the currency can react to them.
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.
