During the currency market trading on Thursday, the Australian dollar recorded strong gains and was among the most profitable currencies, topping the list with profits of up to 2.24% during trading, despite the absence of important economic data affecting its trading, with the exception of the Melbourne Institute inflation forecast, which exceeded the previous reading, as Expectations were recorded at about 3.7% compared to previous expectations, which recorded about 3.4% only, which may give an indication of high inflation rates in Australia, which may push the Australian Reserve to abandon low interest soon, especially as it targets high inflation rates as one of the bank’s goals. Also, the Australian Treasury Minister’s statements that the Australian economy grew larger than expected, and that participation in the currency market recorded surprising numbers, boosting the strength of the Australian dollar in the currency market.
The Australian dollar may have benefited from the positive statements exchanged between the President of China and the US President on the need for cooperation and the continuation of relations between the two countries, especially since China is one of Australia’s largest trading partners, and therefore the positive developments in China positively affect the Australian dollar in the currency market.
And in second place in the list of the most profitable currencies, the New Zealand dollar came with a profit rate of up to 1.10%, also benefiting from the positive developments between China and the United States, as New Zealand is also a strong trading partner of China, and therefore the positive relations between China and the United States reflect positively on the Chinese economy, on its trading partners and on Their head is New Zealand.
And in the third place in the list of the most lucrative currencies today, Thursday, came the Canadian dollar, the Canadian dollar is still recording strong profits during trading due to its benefit from high oil prices, which have lasted for almost a week, taking advantage of the state of optimism about the recovery of global demand for crude oil with the calm pace of the Corona virus outbreak New, and therefore, the high oil prices strongly support the Canadian dollar in the currency market, especially since the oil sector is one of the largest sectors supporting the Canadian economy strongly, and the statements of the Canadian Prime Minister about pumping huge investments to pump more jobs into the economy still support the Canadian dollar also with market transactions Currencies, especially as these investments will boost the country’s economic growth during the coming period.
Finally, the euro came in last place in the list of the most profitable currencies with a profit rate of only 0.08%. The euro continues to fear a slowdown in economic growth in the euro area, especially after the European Commission, on Thursday, revised its expectations for the growth of the eurozone, which became more negative, as it expects economic growth. The euro area is less affected by the new Corona virus, as European economies are affected, these adjustments have contributed to hurting the euro’s transactions against other major currencies.