AUDUSD rallies for ninth day

The economic calendar is light on Monday. Also markets in Japan, the US and Canada are closed for holidays today, which would result in quieter trading due to the lack of data and light volumes.

Markets across Asia Pacific went in different directions on Monday. Hong Kong’s Hang Seng was up 1.4 per cent and Australia’s S&P ASX 200 was down 1 per cent. The Shanghai Composite and Shenzhen Composite were up 3.4 per cent and 4.1 per cent respectively.

AUDUSD reached a seven-week high of 0.7346 early on Monday. The pair has made an impressive rally since bouncing at the end of September from a low of 0.6935. The aussie is eyeing a possible nine-day winning streak. The currency’s 4.2 per cent gain last week was the best among major currencies, and saw it trade above $0.73 for the first time since late August. The rebound in commodity prices continued to support the Australian dollar.

Gold had edged 0.1 per cent higher to $1,158.20 an ounce. Gold price bounced after the dovish Fed minutes and expectations of a delay in a rate hike.

Oil prices continued to build on last week’s gains. Brent crude was up 0.2 per cent this morning to $52.77, while West Texas Intermediate was 0.4 per cent higher to $49.84.

The yen appreciated 0.1 per cent to Y120.18 per dollar in Monday trade. Its 0.3 per cent fall last week made it the worst-performing Asian currency as investors priced in a potential easing of policy by the Bank of Japan on October 30.

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