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Aussie Slips On Oil

AUD

Weakness in crude oil prices spilled over into AUD/USD, which extended losses to a three-week low on Monday.

  • The rate has ticked away from yesterday's worst levels and last changes hands at $0.7421, up 4 pips on the day.
  • Bulls set their sights on $0.7661, a cycle high printed on Apr 5. Conversely, a slide through yesterday's low of $0.7414 would expose Mar 22 low of $0.7376.
  • Australian political leaders keep touring the country in attempt to lure voters ahead of the upcoming federal election, with their comments/electoral promises dominating the local headline flow.
  • On the data front, focus moves to CBA household spending & NAB Business Confidence (today), Westpac Consumer Confidence (Wednesday) as well as consumer inflation expectations & labour market report (Thursday).
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