HFM information and reviews
HFM
96%
Octa information and reviews
Octa
94%
FXCC information and reviews
FXCC
92%
FxPro information and reviews
FxPro
89%
FBS information and reviews
FBS
88%
Vantage information and reviews
Vantage
85%

Australian dollar on wild ride


19 April 2016

The Australian dollar is on a wild ride today after falling on the back of weak oil prices before rebounding strongly later in the day. At 6.11pm (GMT) the Aussie dollar was trading at US77.55c after falling as low as US76.05c earlier in the session.

After a meeting on Sunday of the world’s biggest oil producers in Doha failed to reach an agreement on production freezes, the oil price dropped almost 7 percent with commodity currencies like the Aussie dollar tumbling as trading opened on Monday before making a comeback late in the European session as oil bounced off its daily lows.

The sticking point in the oil agreement was Iran, who said that a cut in oil production was off the table until they reached pre sanction output levels which most analysts don’t see happening in the foreseeable future which may mean more hard times for the oil price.

The Aussie dollar is expected to come under increased volatility tomorrow with the release of the minutes meeting from the reserve bank of Australia.

The tone of the speech will be vitally important and the Australian dollar could go either way.

“The RBA minutes are likely to echo the same cautiously optimistic view on the economic outlook, hedged by continuing to include the same explicit easing bias,” said Will Richardson, currency strategist at Macquarie Bank.

“The swing factor would be any elaboration on the mild frustration about currency strength added to the policy statement two weeks ago,” he added.

Share: Tweet this or Share on Facebook


Related

AUD/USD Dips to a 1-Month Low: A Technical Analysis
AUD/USD Dips to a 1-Month Low: A Technical Analysis

The AUD/USD currency pair has been experiencing a downward trajectory, slipping to a fresh one-month low of 0.6606, indicating a negative wave that initiated from 0.6870...

16 Jan 2024

Australian Dollar Grapples with Uncertainty Ahead of US Nonfarm Payrolls Release
Australian Dollar Grapples with Uncertainty Ahead of US Nonfarm Payrolls Release

The Australian Dollar (AUD) is exhibiting a phase of stability, yet with underlying pressures, as it hovers near a key psychological level of 0.6700...

5 Jan 2024

AUDUSD Wave Analysis: Facing Resistance and Poised for Potential Decline
AUDUSD Wave Analysis: Facing Resistance and Poised for Potential Decline

AUDUSD Encounters Stiff Resistance, Signaling a Potential Downward Correction. The Australian Dollar against the US Dollar (AUDUSD) has recently encountered...

29 Dec 2023

AUD/USD Pauses Just Above 0.6600 Ahead of US Payrolls Release
AUD/USD Pauses Just Above 0.6600 Ahead of US Payrolls Release

The Australian Dollar (AUD) is maintaining a modestly positive stance, with bearish pressure being capped around the 0.6590 level. The currency pair is poised to remain within a trading range...

8 Dec 2023

AUD/USD Eyes the 0.6745 Resistance Level Amidst Strengthening Momentum
AUD/USD Eyes the 0.6745 Resistance Level Amidst Strengthening Momentum

Overview of AUD/USD's Current Trajectory Economists Lee Sue Ann and Markets Strategist Quek Ser Leang at UOB Group have forecasted potential further gains for the Australian Dollar against the U.S. Dollar (AUD/USD)...

4 Dec 2023

AUDUSD Technical Forecast: Navigating the Bearish Waves with Key Resistance and Support Levels
AUDUSD Technical Forecast: Navigating the Bearish Waves with Key Resistance and Support Levels

The AUDUSD currency pair has recently showcased a significant technical development, marked by a reversal from a critical resistance level. This shift occurred at the 0.6500 mark...

17 Nov 2023


MultiBank Group information and reviews
MultiBank Group
84%
XM information and reviews
XM
82%
FP Markets information and reviews
FP Markets
81%
FXTM information and reviews
FXTM
80%
AMarkets information and reviews
AMarkets
79%
BlackBull information and reviews
BlackBull
78%

© 2006-2024 Forex-Ratings.com

The usage of this website constitutes acceptance of the following legal information.
Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website (reviews, brokers' news, comments, analysis, quotes, forecasts or other information materials provided by Forex Ratings, as well as information provided by the partners), including graphical information about the forex companies, brokers and dealing desks, is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Forex Ratings shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about the forex companies. The entire responsibility for the contents rests with the commentators. Reprint of the materials is available only with the permission of the editorial staff.
We use cookies to improve your experience and to make your stay with us more comfortable. By using Forex-Ratings.com website you agree to the cookies policy.