Market Update – 26th May 2017 – AUD/USD Fails Again At 0.7500 On Lower Commodity Prices

After failing to break and hold above 0.7500 on a number of occasions earlier this week there was always a risk that we may eventually succumb to selling pressure and drift lower and unfortunately for those waiting for higher levels this has indeed happened overnight with AUD/USD back in the low 0.7400’s on the wholesale market. Commodities prices were a factor with iron ore, copper and nickel all losing ground while oil has lost nearly US$3 a barrel in the past 24 hours.

With quite a bit of U.S economic data on the cards this evening AUD/USD may yet get another crack at 0.7500, but it would take some pretty disastrous numbers for that to happen and a rebound in commodity prices also wouldnt hurt.

DATA RELEASES TODAY:

USD – Core Durable Goods Orders at 10.30pm

USD – Prelim GDP at 10.30pm

ALL – G7 Meetings all weekend

AUD EXCHANGE RATES:

AUD/USD – 0.7422

AUD/GBP – 0.5730

AUD/EUR – 0.6616

AUD/NZD – 1.0590

AUD/JPY – 83.057

***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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