Australian Dollar Joins Rally of Commodity Currencies

The Australian dollar rose today, joining the other commodity currencies in the rally during holiday-thinned trade.

Markets can act erratically during holidays, and today’s trading was a proof of that. There were no discernible reasons for commodity currencies to rally. In fact, quite the opposite was true as the sharp drop of crude oil prices should have dragged such currencies down. Yet that was not the case as currencies of Australia, Canada, and New Zealand enjoyed solid performance during the Wednesday’s trading.

AUD/USD rallied from 0.7726 to 0.7771 as of 12:25 GMT today. AUD/JPY gained from 87.48 to 87.96.

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