Australian Dollar Mixed

At 1200 AEDT on Wednesday, the local unit was trading at 74.86 US cents, up from 74.80 cents on Tuesday.

The improvements in the US economy have investors strongly pricing in a US interest rate rise in December.

Stephen Innes, senior currency trader at CFD and FX broker OANDA Australia and Asia Pacific, said the Aussie had been resilient in the face of a stronger US dollar and weakness in the iron ore sector.

“The Aussie was holding its ground despite big falls in iron ore prices,” Mr Innes said on Wednesday.

After trading above the psychological $US80 a ton level for the first time in two years, industrial metals dropped more than six per cent in response to China’s pulling of punitive sanctions on its domestic coal industry, Mr Innes said

The West Australian

This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.

Stephen Innes

Stephen Innes

Senior Currency Trader and Analyst at OANDA
Stephen has over 25 years of experience in the financial markets and specializes in Asian currencies at OANDA. After having started his trading career with NatWest Bank, he is currently based in Singapore as a Senior Currency Trader and Analyst with OANDA, focusing on the movement of the Aussie Dollar and ASEAN Currencies. Stephen has an extensive trading experience in Interest Rate Futures, Money Markets and Precious Metals. Prior to joining OANDA, he worked with organizations like Cambridge Mercantile, Nat West, Garvin Guy Butler, Sumitomo Mitsui Banking Corporation. Stephen was born in Glasgow, Scotland, and holds a Degree in Economics from the University of Western Ontario.
Stephen Innes
Stephen Innes

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