The Australian dollar continued to rise around the 0.73 level on Thursday (31/12) even though the weakness of global oil prices continue to subvert the currency-commodity other currencies. This morning, the Australian dollar headed figure of 0.7300 against the US dollar 0.7289 level in yesterday's trading session.
Australia's currency declined to breakout in a tight trading range in two consecutive days. Relative strengthening it contrasts with the slump experienced by the Norwegian Krona and the Canadian Dollar. The two commodity currencies have a high sensitivity to global oil prices, which reportedly collapsed due to the increasing amount of excess supply.
Australia is a country of marginal importer of oil, which makes its currency is generally less sensitive to oil price movements. Nevertheless, low oil prices could weigh on natural gas prices and squeezing the Australian national income of the rich natural resources. Kangaroo country is preparing to become the country's largest importer of liquefied natural gas world.
More Affected Iron Ore Price
The Australian dollar usually react more strongly in turning movement if the data is correlated with the price of iron ore, Australia's biggest export today. Iron ore prices was observed to rise 2.7 percent, according to data The Stee Index.
Australian dollar trading pattern is likely to be solid enough obstacles in the next week, precisely when a number of institutional traders re-enter the market after a long holiday. In addition, the release of macroeconomic data, such as international trade data and building approvals on next Thursday, will affect the Aussie.
Australia's currency declined to breakout in a tight trading range in two consecutive days. Relative strengthening it contrasts with the slump experienced by the Norwegian Krona and the Canadian Dollar. The two commodity currencies have a high sensitivity to global oil prices, which reportedly collapsed due to the increasing amount of excess supply.
Australia is a country of marginal importer of oil, which makes its currency is generally less sensitive to oil price movements. Nevertheless, low oil prices could weigh on natural gas prices and squeezing the Australian national income of the rich natural resources. Kangaroo country is preparing to become the country's largest importer of liquefied natural gas world.
More Affected Iron Ore Price
The Australian dollar usually react more strongly in turning movement if the data is correlated with the price of iron ore, Australia's biggest export today. Iron ore prices was observed to rise 2.7 percent, according to data The Stee Index.
Australian dollar trading pattern is likely to be solid enough obstacles in the next week, precisely when a number of institutional traders re-enter the market after a long holiday. In addition, the release of macroeconomic data, such as international trade data and building approvals on next Thursday, will affect the Aussie.
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