The Euro to Australian Dollar (EUR/AUD) exchange rate edged higher by around 0.25% on Monday.
As traders await the Eurogroup meeting, which will see Eurozone officials attempt to find a utilitarian solution to the Greek debt crisis, the shared currency gained versus many of its major peers. This suggests that many are optimistic that the meeting will see a positive conclusion, although most are probably expecting relative inaction. Eurozone trade balance data printed positively, however, which has aided the common currency uptrend.The Australian Dollar, meanwhile, is generally trending higher versus most of its major peers in response to climbing oil prices. With risk appetite improved, the high-yielding potential of the ‘Aussie’ (AUD) supported an appreciation.
The Euro to Australian Dollar (EUR/AUD) exchange rate is currently trending in the region of 1.4674.
Euro (EUR) Exchange Rate Strengthens ahead of Eurogroup Meeting
As explained above, with many analysts expecting little development in today’s Eurogroup meeting the shared currency strengthened. ‘We’re looking at difficult negotiations on Monday,’ Greece’s Prime Minister Tsipras said in a weekend interview with Germany’s Stern magazine. ‘Nevertheless, I’m full of confidence.’Perhaps the majority of the uptrend can be attributed to data which showed the Eurozone trade balance widened. Non-seasonally adjusted Trade Balance came in at 24.3 billion, bettering the previous figure of 21.2 billion and the median market forecast of a drop to 20.0 billion. In addition, regular trade balance improved upon the previous figure of 21.6 billion, with the actual result reaching 23.3 billion.
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