The Australian dollar is getting a boost from surging crude oil prices | Business Insider

“After yesterday’s decision by President Trump to pull out of the Iranian nuclear deal and reinstate sanctions on Iran, oil prices embarked on a steady rise aided as well by overnight news of an unexpected drop in US stockpiles, reinforcing the notion that the oil market is tightening and hence vulnerable to a reduction of Iran crude supply,” said Rodrigo Catril, Senior FX Strategist at the National Australia Bank.

The surge in crude prices helped to lift stocks as well as the LNG-linked Australian dollar,” said Catril.

“The improvement in risk sentiment and move higher in oil prices has helped the AUD pair back all of yesterday’s losses with the pair now trading at 0.7463.”

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The Australian dollar is getting a boost from surging crude oil prices | Business Insider.