Australian dollar finds the energy to hit a one-year peak on euro

The Australian dollar hit a one-year high on the euro on Wednesday as investors were attracted by Australia’s status as a net energy exporter and distance from Europe’s troubles.

The euro breached lows from last October to hit a trough at A$1.5274, having shed five cents in the past month. A break of the 2021 low at $1.5244 would see the euro down at depths last visited in mid-2018. The Aussie also firmed to $0.7280, having touched a six-week peak of $0.7289 overnight. It was now nearing the January top of $0.7314 and the 200-day moving average at $0.7328, and a break would be bullish for a run to $0.7370 and $0.7480.