Aussie holding near one month highs

dollar

The Australian dollar is holding near one-month highs, aided by a rally in iron ore and coal prices and broad declines in the US dollar after its strong gains over the last few months.

The Aussie stands at US73.77¢, after popping up to US73.85¢ overnight, its highest since December 14. It is up 2.1 per cent in January so far, having earlier notched three consecutive months of declines.

The currency was helped by gains in iron ore and coking coal – the country’s top export earners. Iron ore futures jumped 8 per cent to the strongest in more than three weeks on Tuesday, with coking coal climbing nearly 8 per cent.

“Provided commodity prices remain on the boil, we may see further momentum in the Aussie, but more so on the crosses,” said Stephen Innes, senior currency trader at CFD and FX provider OANDA Australia and Asia Pacific.

The Sydney Morning Herald

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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