AUD/USD: Strong Trade Balance Of Australia Doesn't Seem To Be Supporting Australian Dollar At The Moment. Crude Oil (WTI/BRENT) Prices Decreased

Currencies
1. Australia Trade Balance data fails to lift AUD/USD
Commodities
1. Oil prices dropped amid expectations on OPEC+ policy

Currencies

Australia Trade Balance data fails to lift AUD/USD

AUD/USD remains pressured around 0.7162 on early Thursday in Asia despite Australia's Trade Balance for April released strong figures. Australia's Trade Balance printed at 10,495M versus the forecasted 9,300M. The downward pressure may be related to concerns on faster Fed rate hikes following recent solid US data and hawkish statements from the Fed. News on China as well as the US NFP this Friday may also weigh on the currency pair.

Commodities

Oil prices dropped amid expectations on OPEC+ policy

Oil prices dropped today, ahead of a key producers meeting later in the day, with expectations of a boost in oil production by Saudi Arabia in response to urging by the United States.
Brent crude down 1.8%, at $114.21
U.S. (WTI) crude down 2.0%, to $113.01

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AUD/USD: Strong Trade Balance Of Australia Doesn't Seem To Be Supporting Australian Dollar At The Moment. Crude Oil (WTI/BRENT) Prices Decreased | ICM.COM

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