Market Update – 22nd May 2017 – Commodity Prices Roar Back To Life Supporting AUD

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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