Aussie fell as deal to freeze oil production failed

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Monday, Apr 18 2016

Commodity currencies slumped on Monday while the safe-haven yen soared after major oil producers failed to agree on an output freeze, sending oil prices tumbling anew. A plan for OPEC and non-OPEC producers deal to freeze oil production fell apart on Sunday after Saudi Arabia demanded that Iran join in, despite calls on Riyadh to save the agreement and help prop up crude prices. "There was some speculation ahead of this weekend's summit that an agreement to freeze crude oil production could be reached," analysts at Commonwealth Bank said.

Separate report on New Motor Vehicle Sales showed 2.2% increase in seasonally adjusted terms. The March 2016 trend estimate (98 564) increased by 0.1% when compared with February 2016. When comparing national trend estimates for March 2016 with February 2016, sales of Passenger vehicles decreased by 0.9% and Sports utility and Other vehicles increased by 0.2% and 1.8% respectively.

Aussie is currently being traded around 0.7670 level. Pair is likely to find support around 0.7630 area and resistance above 0.7730 handle. There will be no major data releases in the rest of the session.

More in this category: « USD - Major events in the week ahead Euro little changed in a quiet Monday trade »

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