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May 09, 2023In a range-bound session favoring short positions, EUR/AUD remains constrained in a 1.6182 to 1.6258 range and is currently trading close to 1.6214.
Germany Consumer Price Index is next tomorrow at 06:00 UTC.
On the flip side, positive data for Euro-Aussie dollar released earlier when highly important Retail Sales data from Australia beat analyst expectations of 0.4% with a reading of 0.4%.
While price action maintains a negative bias, Industrial Production in Germany fell short of market expectations (-1.3%) with a reading of -3.4%, continuing the decline from the previous figure of 2.1%. Australia Building Approvals (MoM) (Mar) released yesterday at 01:30 UTC with a figure of -0.1, while the previous figure was 3.9.
In the meantime, negative performances are also seen in other pairs as EUR/USD is down 41 pips from the beginning of the session and now trades around 1.0966. EUR/GBP is trading around 0.8684 (down 34 pips).
Though Euro-Aussie dollar has been dropping, other pairs have been performing better: USD/SGD improves 0.19% to trade around 1.3271.
Furthermore, Germany Consumer Price Index is expected tomorrow at 06:00 UTC. Australia Westpac Consumer Sentiment (May) scheduled to come out tomorrow at 01:30 UTC. Germany Consumer Price Index figure is projected at 7.2%. It previously stood at 7.4%; data will be released tomorrow at 06:00 UTC.
Having set a peak of 1.6707 around 13 days ago, Euro-Aussie dollar is now trading 2.89% below this level.
