Lower Australian Unemployment Weighs on Euro Australian Dollar Exchange Rate
A better-than-expected improvement in the Australian unemployment rate helped to push the Euro to Australian Dollar (EUR/AUD) exchange rate.
While forecasts had pointed towards the unemployment rate falling in January the dip from 6.6% to 6.4% gave the Australian Dollar (AUD) a solid boost against its rivals.
Although unemployment remains high by historical standards investors still took encouragement from the fact that the labour market has shown signs of strengthening at the start of 2021.
However, the gains of AUD exchange rates were ultimately limited by the underlying details of the jobs report.
December 17, 2020 - Written by John Cameron
GBP/AUD Exchange Rate Rangebound as Brexit Talks Make ‘Good Progress’, according to EU
The Pound to Australian Dollar (GBP/AUD) exchange rate continues to trend higher today after the Bank of England (BoE) held interest rates at 0.1% despite an uncertain economic outlook.
At the time of writing the GBP/AUD exchange rate is currently fluctuating around AU$1.784.
The BoE’s Monetary Policy Committee (MPC) said in the report:
‘The outlook for the economy remains unusually uncertain. It depends on the evolution of the pandemic and measures taken to protect public health, as well as the nature of, and transition to, the new trading arrangements between the European Union and the United Kingdom.’