Australian dollar lower, awaits key data

February 17, 2016

The Australian dollar is trading lower today after two of the worlds largest oil producers agreed to a cut in production in order to put a floor under the oil price.

At7.55am (GMT) the Aussie dollar was trading at US71.00c sharply lower than the high of US71.81c it reached in yesterday’s trade.

In major discussions overnight, Saudi Arabia and Russia agreed to cut oil production in order to boost the price and prop up their economies, which have been hit hard in the wake of the price slump.

Although it was a step in the right direction to shore up the oil price, countries such as Iran were not part of the talks and most believe they will keep flooding the market with oil, which may offset the deal between Saudi Arabia and Russia.

Commodity currencies like the Aussie dollar were dragged down by the uncertainty.

The market will now pay attention to the American session later today with the release of the FOMC minutes from the US Federal Reserve where the question of the next interest rate hike will be on the table.

There is also important data due out of Australia tomorrow including a speech by RBA assistant governor Malcolm Edey on the state of the economy as well as the latest unemployment rate, which is likely to choose the direction of the Australian dollar as we head into the weekend.

Publication source
FIBO Group information  FIBO Group reviews

December 2, 2016
Equities headed broadly south in Asia overnight
Revealed a solid 53.2 November ISM reading and a 0.5% October construction spending rise that followed big upward Q3 revisions, both of which lifted prospects for GDP. We also saw a 17k Thanksgiving week spike in claims that reversed the remarkably tight 333k Veteran's Day figure...
December 2, 2016
Silver lining for precious metals?
I do apologise in advance for bombarding you with lots of commodity reports, but ahead of Friday’s NFP report, the FX markets tend to create lots of false moves, so it is difficult to make much of todays moves...
December 2, 2016
Payrolls Friday. USDJPY doji, third time's a charm
Its payrolls Friday and the markets are expecting to see a solid print for November following Wednesday's ADP payrolls increase. Yesterday, the ISM and Markit's manufacturing PMI showed a strong increase in the reading...

FIBO Group Rating
FxPro Rating
FXCM Rating
Z.com Trade Rating
Trade360 Rating
FOREX.com Rating

IQ Option Rating
Beeoptions Rating
Anyoption Rating
Banc De Binary Rating
OptionFair Rating
TopOption Rating