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Oil prices finished 2014 at a five-year low

Thursday, Jan 01 2015
Oil prices ended 2014 at a five-year low yesterday, capping a 46% drop in 2014, as stockpiles of crude oil and gasoline reached seasonal record highs and as OPEC produced more than its quota in December for a seventh month. 
 
This could brought decline to USD at a year beginning, and rebound to AUD. However, Aussie is under pressure due to decline in iron ore prices and with weak economic data releases recently any possible uptrend could be of only short-term basis.
 
Also, RBA is opting for a lower exchange rates, with Aussie around 75 cents per US dollar. Furthermore, Fed is likely to raise its interest rates soon, what would strengthen USD even more. It is a New Year Day and there is no volatility at the markets. Aussie is being traded around 0.8170 area. Rest of the day will be steadier as well with no data releases.
More in this category: « Sterling finished the year lower than expected Next target for euro 1.2050 level »

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