AUD stabilised against the US dollar for the first time in two week as most commodity prices rose, led by oil. A projected OPEC supply cut led crude to a November high, up 4.3%. Our chief commodity iron ore was lower. Iron ore dropped 3.4% to $70.34 a ton as Chinese port stockpiles rose to a two year high. The forecasts for average prices of $58 this quarter and $50 in 2017.
A lower Australian dollar leads to;
- Higher price for imported goods.
- Increase change of interest rise.
- Less money in the bank for most of us.
- Higher prices for interlocking jigsaw mats.
Hopefully stability will persist in the Australian economic environment.