EURAUD Exchange Rate

The euro dropped against some of major counterparts in the New York session on Thursday.

The manufacturing sector in Australia continued to contract in April, albeit at a slower pace, the latest survey from Judo Bank revealed on Wednesday with a manufacturing PMI score of 49.6.

The euro area economy expanded in the first quarter after two consecutive declines as all big four economies exhibited better performance, boosting hopes of a sustained recovery this year. Gross domestic product grew by a faster-than-expected 0.3 percent sequentially following a 0.1 percent fall each in the fourth and third quarters of 2023, preliminary flash estimates from Eurostat showed.

The German economy avoided a recession in the first quarter on exports and investment in construction, preliminary data from Destatis showed on Tuesday. Gross domestic product grew a more-than-expected 0.2 percent sequentially in the first quarter, in contrast to the revised 0.5 percent decrease in the preceding three months.

USD: Revisiting the Depth of Market Movements. The response to last week's blend of softer US inflation figures and indications of a slowdown in consumer spending resembles the market's reaction following the initial decline in inflation during the summer.

Dollar rebounds from CPI low, bond yields extend drop after US super core inflation slowed to 5.1% yoy.