Australian dollar stronger as oil prices rise from lows
THE Australian dollar is firmer as oil prices recover from five-year lows.
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THE Australian dollar is firmer as oil prices recover from five-year lows.
At 0630 AEDT on Wednesday, the local currency was trading at 83.10 US cents, up from 82.39 cents on Tuesday.
The Australian dollar fell to 82.24 US cents on Tuesday afternoon, its lowest level since June 2010, after National Australia Bank joined Westpac in forecasting interest rate cuts in 2015.
But the currency recovered during offshore trade as oil prices rose from five-year lows.
The Brent North Sea crude oil price for January delivery recovered to $US66.75, up 56 US cents from Monday night’s close, after hitting $US65.29 a barrel during Tuesday night’s session. The benchmark West Texas Intermediate (WTI) price for January also hit the lowest level since 2009, reaching $US62.25 a barrel. It later stood at $US63.70, up 65 US cents from Monday night’s close.
Originally published as Australian dollar stronger as oil prices rise from lows
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