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Will Oceania Currencies Weaken Amid Falling Crude Oil Prices?

Market Report

Will Oceania Currencies Weaken Amid Falling Crude Oil Prices?

20.09.2021

Today's Highlights
  1. Canada: Housing Price Index
  2. Germany: Producer Price Index

Last weekend, the three major U.S. stock indices all fell, resulting in a market environment characterized by falling stock prices, rising interest rates, and lower crude oil prices.The fear index (VIX) rose again, surpassing the key 20-point threshold to reach 20.8. The Russell 2000 recovered toward the close and is trading around 2,236.

In the foreign exchange market, the Australian dollar—a commodity-linked currency—is facing resistance at higher levels amid falling crude oil prices, and its downward trend continues.The AUD/USD pair has fallen for three consecutive days, dropping from last Friday’s high of 0.731 to 0.723, and has continued to slide sharply during today’s Asian trading session. From a technical perspective, it will be important to closely monitor whether the pair rebounds at its recent low of 0.714.

Apart from the German Producer Price Index at 3:00 p.m., the Canadian Housing Price Index at 9:30 p.m., and the U.S. NAHB Housing Market Index at 11:30 p.m., no other major economic indicators or key speeches are scheduled for today.This week, Chinese markets will be closed through the 22nd for the Mid-Autumn Festival. Additionally, the U.S. FOMC meeting is scheduled for Wednesday, the 22nd, the U.K. interest rate announcement for Thursday, the 23rd, and U.S. new home sales data is set for Friday, the 24th. While keeping an eye on crude oil price trends, we will closely monitor price movements at the start of the week.

桜井 慶介

Author: Keisuke Sakurai

He has over 10 years of experience in FX trading. In the financial sector, he has been involved in investment management focused primarily on foreign exchange markets and has experience as an asset management advisor. Drawing on his extensive experience, he specializes in technical and fundamental analysis.

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