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March 01, 2023
After hitting its highest point in 2 months at 1.5816, EUR/AUD dropped by 131 pips and is now trading at 1.5684.
Australia's GDP new data released of 0.5 below its previous figure.
On the flip side, positive data for Euro-Aussie dollar released earlier when Australia Retail Sales came out at 1.9%, better than analyst estimates of 1.5% and improving upon the previous reading of -3.9%.
While price action maintains a negative bias, fresh GDP data released in Australia matched analyst forecasts with a reading of 2.7% — a backwards step from its previous reading of 5.9%. Australia AIG Manufacturing Index (Feb) released yesterday at 22:00 UTC with a figure of -6.4, while the previous figure was -17.1.
In the meantime, negative performances are also seen in other pairs as after ending yesterday's session at 1.9443, GBP/NZD lost 51 pips and is trading around 1.9391.
Though Euro-Aussie dollar has been dropping, other pairs have been performing better: EUR/JPY rises 0.23% to trade around 144.41. NZD/USD gained 0.33% and is now trading at 0.6207.
Some optimism can drawn from the fact that today at 08:55 UTC data for Germany Unemployment Change will be released, with an expected decline to 9,000 from the preceding figure of -15,000.
Furthermore, Germany Consumer Price Index figure is projected at 8.5%. It previously stood at 8.7%; data will be released today at 12:00 UTC. Euro Zone ECB Monetary Policy Statement scheduled to come out tomorrow at 12:30 UTC. Euro Zone ECB Publishes Account of Monetary Policy Meeting is expected tomorrow at 12:30 UTC.
Having set a significant low of 1.4289 6 months ago, Euro-Aussie dollar is trading 9.97% higher.
