AUD, NZD Edge Higher but Gains Still Limited

May 12, 2016

The Australian and New Zealand dollars rallied against the greenback on Wednesday, but gains were anticipated to stay capped by lower prices of crude oil.

The AUD/USD surged by 0.11 percent to 0.7371, still close to the two prior session’s 2-month low of 0.7300.

The commodity currencies stayed under pressure as the prices of crude oil inched lower on Wednesday, after reports that the Canadian oil sand production is set to increase following forced closures because of the wildfires.

Furthermore, the American Petroleum Institute stated on Tuesday that US crude inventories increased by 3.45 million barrels to a record 543.1 million barrels in the week ending on May 6.

NZD/USD shot higher by 0.64 percent to change hands at 0.6806.

Meanwhile, the Reserve Bank of New Zealand stated that "while New Zealand’s economic growth remains solid, the outlook for the global economy has deteriorated."

The central bank of New Zealand further added that it was "closely monitoring developments to assess whether further financial policy measures would be appropriate."

The U.S. dollar index, which measures the strength of the greenback against a basket of 6 major currencies, was lower by 0.21 percent at 94.02.

Publication source
Trade12 information  Trade12 reviews

September 26, 2016
Markets will continue to look to Fedspeak
Lots of speeches from all around the globe this week, but focus now turns to the US Presidential election, with all eyes on Monday Trump-Clinton debate (up to 20% of US voters remain undecided)...
September 26, 2016
Dollar Trades Mixed. Draghi's Speech Awaited
The US dollar is trading mixed in early Asian trading as a rather slow day will see speeches from central bank governors including Kuroda, SNBs Jordan and Mario Draghi...
September 23, 2016
The dollar has firmer back some following yesterday underperformance
Revealed weak August data for existing home sales and leading indicators, but a tight initial claims report for the BLS survey week of September that left mixed signals that were positive on net, with aid from a 0.5% July rise in the FHFA home price index...

FBS Rating
FxPro Rating
Vantage FX Rating
OANDA Rating
Larson&Holz IT Ltd Rating
FIBO Group Rating

24option Rating
Beeoptions Rating
IQ Option Rating
EZTrader Rating
Empire Option Rating
Banc De Binary Rating