JPY Daily News

AUD Trading Higher as Oil Demand Rises and Traders Seek Risk

The Australian dollar (AUD) was seen trading moderately higher versus most other currencies last Tuesday after news began to shift many traders back into riskier assets. The Aussie has been experiencing several wide swings lately from the various shifts into and away from riskier assets. A vote on China's economic confidence after its latest rate hike also impacted the AUD heavily, causing movements away from the soaring Aussie. However, China's latest increase in demand for oil has helped the commodity-linked currencies, like the AUD, Norwegian krone (NOK) and Russian ruble (RUS), experience a strong uptick.

As traders witnessed a turn towards safety after last Friday's economic reports from the United States. The resultant move into safe-haven assets has helped to push down on the AUD throughout the early hours of this week as traders shied away from its high interest rates in order to store value in lower yielding assets like the Japanese yen (JPY) and US dollar (USD). A sudden return of risk appetite due to positive earnings reports on global stock markets from companies like IBM, and from the growing stability of the US housing market, has so far helped to prop up the Aussie in mid-week trades. This sentiment could continue if the US publishes further optimistic data regarding existing home sales later this afternoon.

Current Time: 05/27 00:10 GMT

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#	Time	$€£¥	Event	Per.	Prev.	Fore.	Act.	Imp.
07/20
	00:50	JPY	Trade Balance		-0.47T	-0.25T	-