Aussie Joins Commodity-Geared Counterparts in Rally, AUD/NZD Falls

The Australian dollar was firm today, joining other commodity-related currencies in a rally, thanks to the positive market sentiment. The strongest currency on the Forex market on Monday was the New Zealand dollar, though.
The Australian Bureau of Statistics released a preliminary report on the trade balance in December. It showed that exports climbed by 16%, while imports dropped by 9%. That resulted in a surplus of A$8.96 billion. Exports increased to China, Japan, the United States of America, and India, while exports to South Korea dropped. Imports fell from China, the USA, and Germany, while increased from Japan and Thailand.
In other news, Australia approved the Pfizer COVID-19 vaccine. The decision was announced following the reports that AstraZeneca will not be able to deliver the promised amount of its vaccine due to supply shortage and excessive demand. Vaccination with the Pfizer vaccine is planned to begin in late February.
Monday’s session is going to be very light in terms of macroeconomic releases. The only notable report scheduled for the rest of the day is the Ifo business climate for Germany.
AUD/USD rose from 0.7716 to 0.7738 as of 09:05 GMT today. EUR/AUD fell from 1.5765 to 1.5736. At the same time, AUD/NZD dropped from 1.0744 to 1.0730.
If you have any questions, comments, or opinions regarding the Australian Dollar, feel free to post them using the commentary form below.

Original from: www.earnforex.com