Aussie Shows Resilience in Face of Bad Data

The Australian dollar fell earlier today as economic data from around the world suggested that global growth is losing steam. Yet the currency demonstrated resilience and bounced back to the opening level as of now.

Economic news from China and Europe was rather negative, leading to decline of growth-related currencies, including the Aussie. Yet the Australian currency managed to regain its footing in face of negative fundamentals. Australia’s dollar was consolidating lately, struggling to establish a clear trend.

AUD/USD went down from 0.8616 to 0.8566 intraday but bounced to 0.8611 as of 13:01 GMT today. EUR/AUD traded near its opening level of 1.4564 after reaching the high of 1.4632 — the highest rate since October 17.

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