Fx Roundup - Euro climbs on German business confidence. Australia confidence increases, Aussie rising. | CountingPips Forex & Currency Trading Blog

May 21, 2008 - Forex Economic News

Fx Roundup - Euro climbs on German business confidence. Australia confidence increases, Aussie rising.

The European euro gained today against the U.S. dollar in forex trading as a German Business Climate Survey showed better than expected results. The Ifo Institute business index increased in May to 103.5 after dropping in April to 102.4. Economic forecasts had expected the survey index to decrease to 102.0 in May. The 15 nation European currency gained ground after the news release and is trading higher today in the forex market. The euro has increased its worth against the dollar today to 1.5770 dollars per euro. The euro reached an all time high of 1.6019 U.S. dollars per euro on April 22nd of this year.

Out of Australia, the Westpac consumer confidence survey was released and showed that consumer sentiment increased for the first time since December. The Westpac and Melbourne Institute survey results showed that consumer confidence increased by 2.7 percent in May for an index score of 89.8 points. The index decreased in April by -1.3 to an index score of 87.4 points. Helping boost consumer sentiment was an announcement of record tax cuts that will take place in the next four years to help consumers cope with high inflation rates. The Australian dollar has been steadily increasing this week in forex trading as it has hit a new 24 year high against the U.S. dollar. The aussie is on the rise today and is trading at 0.9639 U.S. dollars per Australian dollar.

Tags: confidence, germany, australia, euro, aud, consumer sentiment, usd, forex trading

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