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April 27, 2023After hitting its highest point in 2 years at 1.6786, EUR/AUD dropped by 151 pips and is now trading at 1.6635.
Amid the market gloom, Australia Consumer Price Index released yesterday at 01:30 UTC with a figure of 1.4, while the previous figure was 1.9. Fresh 10-Year BTP Auction data from Italy came out at 3.77. New Jobseekers Total data from France matched market expectations with a reading of 2.79 million — a positive step in contrast to previous data of 2.8 million from last month.
In the meantime, negative performances are seen in other pairs, EUR/NZD dips 0.57% to trade around 1.7938.
Though Euro-Aussie dollar has been dropping, other pairs have been performing better: having closed the previous session at 166.55, GBP/JPY is up 0.53% today to currently trade at around 167.44. USD/CHF added 0.39% to its value, now trading at 0.8942.
Looking ahead, ongoing depreciation may be prolonged as Germany Unemployment Change is projected to outperform its last figure with 10,000, having previously been at 16,000. The figure will be published tomorrow at 07:55 UTC.
Some optimism can drawn from the fact that tomorrow at 06:00 UTC data for Germany GDP will be released, with an expected decline to 0.3 from the preceding figure of 0.9.
Furthermore, Germany GDP is projected to outperform its last figure with 0.8%. It previously stood at 0.3%; data will be released tomorrow at 08:00 UTC. France Consumer Spending is projected to outperform its last figure with 0.3%. It previously stood at -0.8%; data will be released tomorrow at 05:30 UTC.
The currency pair has been trending positively for about 2 months. Euro-Aussie dollar now trading 9.16% above its 3-month low of 1.4289.
