Commodity prices led by iron ore and oil fell again overnight sending the local currency to its lowest point in nearly two months. Iron ore fell by by around 3% while Brent Crude caught up with WTI down 4.2%. The moves see AUD/USD, AUD/EUR and AUD/GBP all showing renewed signs of weakness as risk aversion once again takes a grip on markets.
Again no data out today but it would appear in the early part of this month the old adage “Sell in May and go away” is already proving true once again.
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