{"id":5681,"date":"2010-01-06T09:11:28","date_gmt":"2010-01-06T14:11:28","guid":{"rendered":"http:\/\/countingpips.com\/fx\/?p=5681"},"modified":"2010-01-06T09:11:28","modified_gmt":"2010-01-06T14:11:28","slug":"aussie-rallies-vs-eur-on-commodities","status":"publish","type":"post","link":"https:\/\/www.investmacro.com\/fx\/2010\/01\/06\/aussie-rallies-vs-eur-on-commodities\/","title":{"rendered":"Aussie Rallies vs. EUR on Commodities"},"content":{"rendered":"<p><strong>By Rita Ruvinski<\/strong> &#8211; The Australian dollar hit a 2 year high against the EUR Wednesday and a 3 week high versus the U.S dollar as prices of commodities gold and oil which make up more than half the nation\u2019s exports, held near 14-month highs. Crude oil, Australia\u2019s 4th most-valuable commodity export, traded near a 14-month high yesterday, making a strong impact on the currency\u2019s strength.<\/p>\n<p>The Australia\u2019s dollar gained 0.3 % against the European single currency and went below 1.60, the most since November 2007. The AUS\/USD cross rose 0.2% to 91.38 from 91.19 when it reached 91.74 cents, the most since Dec. 14. The Aussie also climbed 0.6% against the Japanese yen to 84.15 yen.<\/p>\n<p>Demand for Australia\u2019s dollar increased after the Australian home-building approvals rose 5.9% in November, the Bureau of Statistics said today. Given a rise in commodities, higher equities and the Australian dollar\u2019s yield advantage over other currencies, investors feel comfortable about buying the local currency.<\/p>\n<p>The outlook for commodity prices in particular will be a key driver for sentiment toward the Aussie in coming months, according to analysts. The Aussie will likely be one of the best-performing currencies in the coming weeks, with potential price targets of 1.5602 and 1.5514 in extension.<\/p>\n<p><em><strong>Forex Market Analysis<\/strong><\/em> provided by\u00a0<a href=\"http:\/\/www.forexyard.com\/?zone_id=1398\" target=\"_blank\"><strong>Forex Yard.<\/strong><\/a><\/p>\n<p>\u00a9 2006 by FxYard Ltd<\/p>\n<p>Disclaimer: Trading Foreign Exchange carries a high level of risk and may not be suitable for all investors. There is a possibility that you could sustain a loss of all of your investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with Foreign Exchange trading.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>By Rita Ruvinski &#8211; The Australian dollar hit a 2 year high against the EUR Wednesday and a 3 week high versus the U.S dollar as prices of commodities gold and oil which make up more than half the nation\u2019s exports, held near 14-month highs. Crude oil, Australia\u2019s 4th most-valuable commodity export, traded near a &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.investmacro.com\/fx\/2010\/01\/06\/aussie-rallies-vs-eur-on-commodities\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Aussie Rallies vs. EUR on Commodities&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-5681","post","type-post","status-publish","format-standard","hentry"],"_links":{"self":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5681","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/comments?post=5681"}],"version-history":[{"count":0,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/posts\/5681\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/media?parent=5681"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/categories?post=5681"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.investmacro.com\/fx\/wp-json\/wp\/v2\/tags?post=5681"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}