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3 Aug 2015
Weak China data and oil prices hurt commodity currencies
FXStreet (Mumbai) - Commodity currencies have taken a hit on Monday due to renewed selling in Chinese equities triggered by a weak manufacturing data.
The AUD/USD and the NZD/USD both dropped 0.20%. Both Aussie and Kiwi took a hit due to the renewed selling of commodities after China’s manufacturing sector contracted at its sharpest pace since August 2012.
Meanwhile, the drop in oil prices also added to the bearish pressure on commodity prices. The Russian ruble dropped 1% against the USD; breaking 62.00 levels for the first time since March. Crude prices fell more than 1% in Asia on supply concerns. The USD/CAD pair also inched 0.5% higher.
Crude prices took a hit after Iranian oil minister indicated his country could hit the markets with increased output immediately after sanctions are lifted.
The AUD/USD and the NZD/USD both dropped 0.20%. Both Aussie and Kiwi took a hit due to the renewed selling of commodities after China’s manufacturing sector contracted at its sharpest pace since August 2012.
Meanwhile, the drop in oil prices also added to the bearish pressure on commodity prices. The Russian ruble dropped 1% against the USD; breaking 62.00 levels for the first time since March. Crude prices fell more than 1% in Asia on supply concerns. The USD/CAD pair also inched 0.5% higher.
Crude prices took a hit after Iranian oil minister indicated his country could hit the markets with increased output immediately after sanctions are lifted.