Join our community of traders FOR FREE!

  • Learn
  • Improve yourself
  • Get Rewards
Learn More

The EUR/AUD currency pair extended a pullback from recent 15-week high on Thursday following Australia’s trade figures for January and ahead of the outcome of the ECB’s March policy meeting.

Australia’s trade surplus was reported to have widened to AUD 11.027 billion in January from a revised down AUD 10.74 billion in December.

Exports rose 1.6% from a month earlier to a ten-month high of AUD 47.51 billion in January, mostly driven by non-monetary gold.

Australia’s total imports went up 1.3% to a three-month high of AUD 36.43 billion, mostly bolstered by non-industrial transport equipment.

Meanwhile, the European Central Bank is largely expected to leave the main refinancing operations rate unchanged at a 22-year high of 4.5% and the deposit facility rate – at an all-time high of 4%.

The ECB press conference will be closely watched for clues on the timing of the first rate cut.

ECB officials have agreed that it is premature to talk about interest rate cuts, despite recent indications of easing inflationary pressures across the Euro Area.

Markets are pricing about 90 basis points of rate cuts from the European Central Bank this year, with monetary policy easing expected to begin in June.

Currency Pair Performance

As of 8:53 GMT on Thursday the EUR/AUD currency pair was edging down 0.43% to trade at 1.6527.

Earlier this week, the minor Forex pair went up as high as 1.6744. The latter has been the pair’s strongest level since November 20th 2023 (1.6767).

TradingPedia.com is a financial media specialized in providing daily news and education covering Forex, equities and commodities. Our academies for traders cover Forex, Price Action and Social Trading.

Related News

  • USD/SEK trades near 6-week high ahead of Riksbank decisionUSD/SEK trades near 6-week high ahead of Riksbank decision The USD/SEK currency pair traded in proximity to recent six-week peak on Tuesday ahead of a rate decision by Sweden's Riksbank, while investors were also eyeing Friday’s report on US PCE inflation that could affect Fed rate cut […]
  • Forex Market: EUR/SEK daily trading forecastForex Market: EUR/SEK daily trading forecast Yesterday’s trade saw EUR/SEK within the range of 9.1517-9.2265. The pair closed at 9.1853, gaining 0.06% on a daily basis.At 6:19 GMT today EUR/SEK was down 0.02% for the day to trade at 9.1881. The pair touched a daily low at 9.1829 at […]
  • Commodity Market: Gold eases from one-week highs as USD looks set for first back-to-back weekly gains since MayCommodity Market: Gold eases from one-week highs as USD looks set for first back-to-back weekly gains since May Spot Gold eased from Thursday's one-week high of $1,966.57 and traded within a tight range on Friday, as the US Dollar remained not far from its one-month peak supported by a tech stock rout this week."A rebound in the U.S. dollar […]
  • Commodities trading outlook: natural gas, crude oil futuresCommodities trading outlook: natural gas, crude oil futures West Texas Intermediate crude declined after it added more than $1 on Tuesday amid expectations government data due later today may show a ninth straight build in US crude oil inventories. Easing tensions in Ukraine after a statement by […]
  • UK car industry on a upbeat, expectations followUK car industry on a upbeat, expectations follow The UK car industry raised its annual sales forecast after more than a year of  half straight raise of sales, as the country’s largest dealer reported first-half profit up by almost a quarter. A sustained climb in car demand has helped the UK […]
  • Forex Market: USD/CAD daily trading outlookForex Market: USD/CAD daily trading outlook Yesterday’s trade saw USD/CAD within the range of 1.4427-1.4591. The pair closed at 1.4568, inching up 0.02% on a daily basis. It has been the 12th consecutive trading day of gains.At 9:00 GMT today USD/CAD was gaining 0.80% for the day to […]