OPEC Meeting could swing Australian Dollar value (Daniel johnson)

AUD GBP Grinds Higher After Australian Employment Data

Australian Dollar Outlook

Today the Organisation of the Petroleum Exporting Countries (OPEC) will meet. There has been a push in recent times by the member states  to limit oil production to force oil prices higher, over supply has been a large problem for a considerable time. It has taken long and tough negotiations to get to this stage.

Australia is a commodity based currency and can be influenced heavily by oil price. Any rise in oil value should see Australian Dollar strength. The oil price has been rising in anticipation that a deal will come to fruition in Vienna. The main concern for a breakdown is negotiations is Iran and Iraq agreeing to limit production and sticking to it, there has been problems in the past. We will hear news of proceedings at the 4pm press conference.

I would also keep a close eye on trade negotiations between the US and China. Australia is heavily reliant on raw material export to China. Trump has stated his attention to substantially limit trade with China. This has the potential to write trillions off both country’s GDP. If the world’s two largest economies are at logger heads it could have serious implications for the Australian Dollar.

If  you have a currency trade to perform it is vital to be in touch with an experienced broker. The timing of your trade can be crucial during such volatile  times, If you have an experienced broker on board he/she can keep you up to date with what is happening in the market to help you make an informed decision.  I will be happy to help you personally. If you inform me of the the currency pair you are trading, volume and time scale and I will provide a free trading strategy to suit your needs. I work for one of the top brokerages in the country, foreign currency Direct PLC and as such I am in a position to better virtually every competitors rate of exchange. You would also be looking at saving anything up to 4% in comparison to high street banks. Please do get in touch by contacting me at [email protected]. Thank you for reading my blog.