Australian Dollar Follows Crude Oil in Volatile Trading

The current trading session was very volatile for crude oil, and commodity currencies like the Australian and the Canadian dollars (though not the New Zealand dollar) were following moves of oil prices.

Prices for crude tumbled intraday, dragging the Aussie and the loonie along with them. As of now, crude stabilized, therefore the currencies have managed to trim losses.

The Reserve Bank of Australia released its Monetary Policy Statement today, which provided no surprises and did not suggest that the central bank is going to change its accommodative policy in the near future. The Australian Industry Group/Housing Industry Association Australian Performance of Construction Index rose from 51.2 in March to 51.9 in April.

AUD/USD slid from 0.7408 to 0.7367 intraday, touching the lowest level since January 11, before rebounding to 0.7397 as of 8:54 GMT today. EUR/AUD traded near its opening level of 1.4819 after climbing to 1.4910 — the highest level since September 16.

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