The rally of the US dollar weakened its Australian counterpart as the drop of commodities, which was cause by the rally of the greenback, damped the appeal of the commodity currencies.
February delivery for gold futures extended its decline for the third consecutive day yesterday. February delivery for crude oil fell 2.1 percent to $88.38 per barrel in New York. The London Metal Exchange Index of six metals, including copper and aluminum, slid for the second day, losing 0.2 percent.
The stocks also dropped. The Standard & Poorâs 500 Index slipped 0.1 percent today, following the 0.2 percent drop yesterday. Many economists advise traders to wait until effect of the major economic report from the US on the markets will become clear and everything will settle down.
AUD/USD traded near 0.9928 as of 04:46 GMT after it declined on the yesterday’s trading session from 0.9992 to 0.9941. AUD/JPY traded at about 82.84 after yesterday’s drop from 83.18 to 82.82.
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