Aussie strength against the pound

Meanwhile, the antipodean currencies stayed near recent peaks versus their US counterpart.

The Australian dollar stood at US$0.7469, having repeatedly met stiff resistance above 75 US cents.

The Aussie has benefited in recent weeks from rising iron ore prices, boosting the country’s exports and national income, making it the best performing major currency so far this month.

Analysts see significant chart support at US$0.7460.

“But we are still seeing resistance at US$0.7525 … suggesting that it will take a bit more than rallying iron ore prices to crack that nut,” said Stephen Innes, senior trader at OANDA Australia and Asia Pacific.

BUSINESS TIMES via Reuters

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