Euro Exchange Rate News

Euro Australian Dollar Exchange Rate Boosted by Confidence Stats; Falling Chinese Iron Ore Imports Weaken AUD

The Euro Australian Dollar exchange rate has remained dominant today, thanks to the latest Eurozone data covering confidence in the currency bloc.

Showing a larger improvement than first expected, the consumer confidence flash for December moved from -6.1 to -5.1, which cemented the Euro’s strong state against the more unsettled Australian Dollar.

(Last updated December 21st, 2016)

Australian Dollar weakness has been triggered by the state of China’s air quality, which has dropped further due to intense industrial activity.

Euro Exchange Rate News: EUR AUD Exchange Rate Rises on Poor Australian Dollar Faring

The Euro Australian Dollar exchange rate has risen by around 0.5% to 1.43 during trading today.

Positive high-impact Eurozone data has been somewhat limited today, which has left the Euro weak in other pairings.

This overall weakness has been triggered by the shocking attack on the Berlin Christmas market on Monday, as well as the worsening condition of Italy’s oldest bank, Monte dei Paschi.

In the latter case, the historical financial institution has recently been alarmingly forecast to run out of funds in just four months.

Australian Dollar Euro Exchange Rate Tumbles as Chinese Smog Threatens Future AU Iron Ore Trade

The Australian Dollar has fallen by -0.4% against the Euro today, owing to continual economic damage coming from China’s environmental issues.

The latest sign that heavy industrialisation is taking its toll on the country has been the closure of steel mills in north China, following reports of widespread toxic smog.

This has limited iron ore imports from Australia, which has naturally been detrimental to Australia’s mining and exporting operations.

Elsewhere, recent Reserve Bank of Australia (RBA) minutes have shown that the central bank has no immediate plans to cut or raise national interest rates.

Future Euro Australian Dollar Forecast: Further EUR AUD Gains Likely on Incoming Confidence Stats

The afternoon could see a greater advance in the Euro Australian Dollar exchange rate, given present forecasts for incoming Eurozone data.

The big news of the day is set to be this afternoon’s Eurozone consumer confidence flash for December, which has positive movement from -6.1 to -5.6 forecast.

By contrast, the next Australian data input is a long way off, consisting of the private sector credit stats on December 30th.

With that in mind, a resolution to the Chinese smog situation and the resuming of greater iron ore exports to China is the only real hope for an AUD rally at present.

Current Interbank Exchange Rates

The Euro Australian Dollar (EUR AUD) exchange rate was trending in the region of 1.43 and the Australian Dollar Euro (AUD EUR) exchange rate was trending in the region of 0.69 today.

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