JPY Daily News

AUD Sees Bearishness as Commodity Futures Tumble

The Australian dollar (AUD) was seen trading moderately lower versus most other currencies this morning after the S&P downgrade of US debt created a selloff in commodity futures. Being linked to the value of commodities, the Aussie experienced an unexpected downturn during a period when shifts away from the US dollar should have helped drive its values higher. The Aussie has been experiencing several wide swings lately from the various shifts into and away from riskier assets, which could explain the erratic behavior of this morning.

The latest moves have helped to push down on the AUD as traders pulled away from commodity-linked assets as a result of the plummeting Dow Jones index. Data from this morning also showed job advertisements in Australia plummeting 0.7%. Coupled with pessimistic housing data last week, the Australian economy appears to be contracting this quarter. If that is indeed the case, the Aussie will likely continue to take losses this week despite a move away from the US dollar.

Current Time: 05/27 00:08 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
08/08
	06:00	JPY	Economy Watchers Sentiment		49.6	50.3	52.6
	00:50	JPY	Monetary Policy Meeting		*	*	*
	00:50	JPY	M2 Money Stock	y/y	2.9%	2.9%	-