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.
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