Aussie Dollar Pressured By Disappointing Data

The Aussie Dollar was among the currency world’s biggest movers, losing some 0.6% against the US Dollar and touching on a 4-month trough. That movement comes on the heels of disappointing labor data from Australia, which showed that third quarter wage price index rose 0.5% (quarter-over-quarter) and 2.0% (year-over-year), falling short of analysts’ forecasts of a rise to 0.7% and 2.2%, respectively. Meanwhile, Australia’s central bank had been predicting that wages would climb.

As reported at 11:01 am (GMT) in London, the AUD/USD was trading at $0.7596, down 0.42%; the pair earlier hit a trough of $0.75730 while the session peak is currently at $0.76324. The EUR/AUD is currently 0.78% and trading at A$1.5991; the pair has ranged from a low of A$1.54515 to a peak of A$1.56060.

Optimism Grows in Eurozone

In the Eurozone, the Euro continues to be pushed up higher as a rally in European equities builds investor confidence. Preliminary economic growth in Germany was unexpectedly higher in the third quarter, rising to 0.8% against expectations of flat growth at 0.6%. Germany is the Eurozone’s primary economic driver, and growth there generally translates to growth as a whole for the Euro area. The upbeat news gives markets an increasingly optimistic outlook for the region. The EUR/USD is currently trading at $1.1842, a gain of 0.35%, off the session peak of $1.18531.