After a decline for four consecutive weeks, the Australian Dollar looks to have found short term support for self-defense moves slightly above the level of 72 cents per US dollar. AUD / USD opened the Asian session on Monday (23/05) this morning at the 0.7228 figure, was generally unchanged from its closing level on the trading session Friday night.
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| AUD/USD Refected by Oil Prices On High Level |
In the absence of market moving in today's trading session, the Australian dollar is expected to return affected by movements in crude oil futures prices, along with the movement of the US dollar index. "As usual, the AUD/USD still be affected by movements in the US dollar in line with the movement of hraga commodity and equity markets," said Elias Haddad, a senior strategist at CBA, quoted by Business Insider Australia.
"Given the spread of the re-narrowing of credit, a factor that is usually associated with the increased of equity market, we believe that the decline in the AUD/USD is slightly limited this week."
At least the influential data today, according to Haddad, can be replaced by nex week's datas which we all expected to give more significant influence. In the last week, based on RBA's minute of meetings cut its key rate by 1.75 percent from the previous 2 percent. Council RBA officials discuss ongoing inflation trend and its outlook are expected to decline.
"On Tuesday, RBA Governor, Glenn Stevens, is scheduled to speak at the Trans-Tasman Business Circle Sydney." Haddad said. Stevens is likely to raise the issue of low inflation and wage growth, and provide a little more information about the RBA interest rate cuts
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| AUD/USD Refected by Oil Prices On High Level |
