Commodity prices bounced back Friday and into the close of trading Saturday morning, helping to support the Aussie dollar. The best performers were the base metals with iron ore up a whopping 3.5%, while Nickel was up 3% and copper 2%. Energy prices on the whole and the precious metals also finished ahead.
The Aussie dollar (not surprisingly after such a strong boost to commodities prices) also performed quite well with AUD/USD managing to push back above 0.7400 on the wholesale market.
We have no tier 1 economic data released today, however Eurogroup meetings are held in Brussels this evening. Eurogroup meetings are held monthly and usually see a group of European finance head honchos chin wagging about the Euro area. However pending any major reforms, this meeting is unlikely to have any effect on AUD/EUR or AUD/GBP.
DATA RELEASES TODAY:
EUR – Eurogroup meetings
AUD EXCHANGE RATES:
AUD/USD – 0.7423
AUD/GBP – 0.5694
AUD/EUR – 0.6620
AUD/NZD – 1.0716
AUD/JPY – 82.625
***Above rates are indicative wholesale rates and intended as a guide only***
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Patrick Downes
Senior Corporate FX Dealer
Phone Patrick – 0431 278 632
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