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Aussie lower due to decline in commodity prices

Thursday, Mar 24 2016

There were no data releases from Australia this morning. The Australian dollar remained under pressure on Thursday after suffering its biggest one-day fall in nearly a month as a broadly firmer greenback took a toll on commodity prices. Oil and copper fell overnight, while iron ore also slipped, prompting investors to lighten up on a currency that had been on a tear recently. 

Even with Wednesday's 1.2 per cent fall, the Aussie is still up around 5 per cent this month.Traders said the Aussie could consolidate around the 75 US cent level in the lead-up to the long Easter weekend."Thin liquidity, however, increases the risk of currency pairs gapping. Momentum suggests downside risk for AUD and NZD as commodities fall," analysts at ANZ wrote in a note to clients.

 

Aussie is currently being traded around 0.75 area. Pair is likely to find support around 0.7450 handle and resistance above 0.7550 level. Later today, in the US session Durable Goods Orders and Unemployment Claims figures are scheduled for a release.

Last modified on Thursday, 24 March 2016
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