How Hard Could Australia’s Lockdown Hit AUD?

In contrast, Germany, the Eurozone’s biggest economy continues to ease lockdown restrictions making euro more attractive in comparison. The German state of Saxony will now allow fairs starting July 18th and gatherings of more than 1,000 people from Sept 1. Improvements such as these allowed investors to shrug off softer industrial production numbers. German IP rebounded in May but less than expected. Still, euro should outperform Aussie and other major currencies as the recovery gains momentum in June.

Yet sterling was the best performer. No major UK economic reports were released today but investors are driving the currency higher on the prospect of new fiscal stimulus measures. Chancellor Sunak is scheduled to provide an economic update and present these measures tomorrow. The New Zealand dollar held onto its gains while the Canadian dollar traded lower despite a very strong increase in IVEY PMI.

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