Aussie holding near one month highs


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

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

Head of Trading APAC at OANDA
Stephen has over 25 years of experience in the financial markets and currently based in Singapore as the Head of Trading Asia Pacific with OANDA. Stephen's market views focus on the movement of G-10 and ASEAN Currencies. His views appear in Bloomberg, CNBC.Reuters, New York Times WSJ and the Economist. His media appearances include Bloomberg TV & Radio, BBC International, Sky TV, Channel News Asia, ASTRO AWANI and BFM Malaysia. Stephen has an extensive trading experience in Spot and Forward FX, Currency and Interest Rate Futures, Money Market Derivatives and Precious Metals. Before joining OANDA, he worked with organisations like Nat West, Chemical Bank, Garvin Guy Butler, and 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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