Hopeful market as AUD and ASX rise

Hopeful market as AUD and ASX rise

australian dollar

Australian traders will be feeling positive this morning as the Australian dollar climbs in early trade. The AUD now buys 0.7437 US cents, which represents a 0.09% increase on Friday’s closing price.

The stronger performance of Australia’s key export commodities has helped to augment this rise, in particular iron ore. This week Australia’s largest export item is expected to hit $80 a tonne for the first time in over two years. Although oil prices fell due to the continuing OPEC indecision, and gold prices are stressed, the price of copper is stronger this morning.

The ASX also closed above 5500 on Friday for the first time since June, and traders are hoping that it will break the crucial 5522 level to kickstart Christmas.

There are plenty of global events happening this week that could cause major fluctuations in trade, like the OPEC meeting and the US GDP, so it would be best not to make any risky investments.