Latest Euro/Australian dollar update is below, thanks.
The Australian dollar was almost unchanged against the euro and the US dollar. It lost ground to the British pound, as did almost every other major currency.
The Australian economic statistics, upon which investors at least partly base their decisions to buy or sell the currency, were not mediocre. Business confidence was shaky, as it has been for the last 18 months, but consumer confidence improved. And that was just about all investors had to go on.
There was no greater excitement to be found among the economic evidence from Euroland either. Investors thought they were onto something when they saw the French and German economies had grown more quickly in the second quarter of the year, and they started to look for similarly punchy figures from the euro zone as a whole. But they were disappointed. Euroland's economy grew by just 0.3%. It was enough to bring to an end the long recession but 0.3% growth over three months is not really growth at all.
With Euroland in the middle of its traditional vacation month, a bank holiday last Thursday for Assumption day and the German election campaigns swinging into action, investors had every reason to do as little as possible with the euro. Their motivation to get involved with the Aussie was scarcely any greater so the two currencies were left largely to their own devices, hence the lack of relative movement. The week ahead could be equally as dull.