The Australian Dollar held its ground against some rivals (like the US dollar) and managed to gain on the others (like the euro) during the Friday’s trading session.
The rally of crude oil has likely played at least some part in the currency good performance. While the Aussie is not as strongly tied to moves of crude as the Canadian dollar, the Australian currency is still considered to be a commodity currency and thus depends on swings of prices for raw materials, including oil. It looks like the Australian dollar is going to end the week the same way it is performing on Friday — almost flat against the US dollar and the Japanese yen but with gains against such currencies like the euro and the Swiss franc.
AUD/USD traded at 0.7636 as of 11:40 GMT today after opening at 0.7624. EUR/AUD dropped from 1.4324 to 1.4259, and its daily low was at 1.4225.
© NewsInspector for Forex News, 2016. |
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Post tags: AUD/USD, Australia, Crude Oil, Dollar, EUR/AUD
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