The Australian dollar, which is a commodity currency, the acquisition is trying to get in the middle of the slide in prices of oil and gold. In a quiet trading session on Tuesday (29/12) afternoon today, the Australian dollar was trading at 0.7260 against the US dollar, up from 0.7256 on Thursday last week before the Christmas holiday.
Oil prices fell to 3 percent in the trading session last night as a result of Iran's plan to increase the supply of oil. "The statement that Iran plans to raise export as much as 500,000 barrels a day within six months after the sanctions were lifted, the news is not good for oil," said Head of Markets CMC Markets, Ric Spooner. Iran also clarify its plans to cut prices in order to restore the proper export market share.
Currency most affected by the current oil price environment is actually the Canadian Dollar. The Canadian dollar continued to decline following the oil price, US dollar drop face because oil is a major Canadian export.
The Australian dollar will weaken with Iron Ore Price
Meanwhile, the Australian dollar remained firm despite Australia's major commodity prices, namely iron ore, continues to decline. But strategists CNBC bet that if the condition of the iron ore price continues the commodity currencies will continue to weaken. The price of the core components of the steel makers rose above 40 Australian dollars per ton, but still continue to fall by nearly 11 percent last month. During the same session, the Australian dollar, rising more than 1 percent. Nevertheless, the analysis of Westpac, Sean Callow, estimated that next March the Australian currency will decline to 0.68 per US dollar.
Oil prices fell to 3 percent in the trading session last night as a result of Iran's plan to increase the supply of oil. "The statement that Iran plans to raise export as much as 500,000 barrels a day within six months after the sanctions were lifted, the news is not good for oil," said Head of Markets CMC Markets, Ric Spooner. Iran also clarify its plans to cut prices in order to restore the proper export market share.
Currency most affected by the current oil price environment is actually the Canadian Dollar. The Canadian dollar continued to decline following the oil price, US dollar drop face because oil is a major Canadian export.
The Australian dollar will weaken with Iron Ore Price
Meanwhile, the Australian dollar remained firm despite Australia's major commodity prices, namely iron ore, continues to decline. But strategists CNBC bet that if the condition of the iron ore price continues the commodity currencies will continue to weaken. The price of the core components of the steel makers rose above 40 Australian dollars per ton, but still continue to fall by nearly 11 percent last month. During the same session, the Australian dollar, rising more than 1 percent. Nevertheless, the analysis of Westpac, Sean Callow, estimated that next March the Australian currency will decline to 0.68 per US dollar.
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