Australian dollar oil breaks out

Tuesday 27 August 2013

As I explained this morning, the Syrian crisis has added a new impetus to rising oil prices and a falling Australian dollar. Oil was up 3% and is in clear air at $109:

The Australian dollar was down a half cent or so and is struggling to hold onto 89 cents:

The result is a big overnight spike in the Australian dollar oil price and breakout:

Expect new petrol price highs in three weeks.

About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific's leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.