AUD resilient as iron ore bounces back

Saxo Capital Markets Australia

Multi-asset trading platform

Iron ore bounced back from its slide, as weak prices proved too tempting for buyers, helping Australian stocks to recover some ground. The Aussie dollar gave away half its gains today on the back of a US dollar that strengthened overnight and the RBA’s decision to leave rates unchanged. However the AUDUSD was relatively resilient compared with other major currency pairs USDJPY and EURUSD, possibly due to the rally for both oil (up 7%) and iron ore (up 2.1%) in addition to yesterday’s rate hold decision. Saxo Capital Markets Australia’s trading desk still believes the support level should remain at 0.7600, while further upside is possible above the resistance level 0.7625. To read more, visit: (VIEW LINK)


Saxo Capital Markets Australia
Contributor
Multi-asset trading platform

Saxo Capital Markets (Australia) Pty Ltd is a wholly owned subsidiary of Saxo Bank A/S, a global online trading platform specialist. We enable investors the ability to trade FX, CFDs, Stocks, Futures & other derivatives from one account....

Expertise

No areas of expertise

I would like to

Only to be used for sending genuine email enquiries to the Contributor. Livewire Markets Pty Ltd reserves its right to take any legal or other appropriate action in relation to misuse of this service.

Personal Information Collection Statement
Your personal information will be passed to the Contributor and/or its authorised service provider to assist the Contributor to contact you about your investment enquiry. They are required not to use your information for any other purpose. Our privacy policy explains how we store personal information and how you may access, correct or complain about the handling of personal information.