AUD/USD bears move in with eyes on 0.73 the figure By ross_burland AUDUSD Commodities Ukraine Currencies RBA
e investors sought some sense of how long the Russian-Ukraine conflict might last. At the time of writing, AUD/USD is trading at 0.7317, up some 0.70% and has travelled in a range of between 0.7264 and 0.7337.
There are hints that Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky may be tentatively opening themselves to a compromise. In an ABC TV interview at the start of the week that only really made traction on Tuesday in financial markets, sparking a massive risk rally, Ukrainian President Volodymyr Zelensky again called on Russian President Vladimir Putin for dialogue.
As a consequence, US stocks are bouncing on Wednesday, after four straight sessions of losses, encouraged as Russia announces a new ceasefire in Ukraine to let civilians flee besieged cities. The Dow Jones Industrial Average jumped more than 2.5% to 33,441.35, with the S&P 500 higher by over 2.8% to 4,291.57, and the Nasdaq Composite higher by over 3.5% up to a high of 13,745.86.
An additional factor that has put the brakes on the Aussie comes in an easing for commodity prices that had otherwise contributed to surging inflation. Price gains in other commodities like iron ore which accounts for around 35% of Aussie exports, copper and aluminium and agricultural commodities imply a significant improvement in Australia’s terms of trade and its surpluses.
However, commodities, and specifically the energy market, has been hammered on Wednesday. Brent crude was down 12.8%, at $112.97 a barrel, after earlier falling to as low as $105.91. US West Texas Intermediate fell 18%, to $103.98, both dropping from their highest since 2008. Investors have taken the view that the US ban on Russian oil will not worsen a supply shock.
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