# Australian Dollar Looks Like a 'Petro Currency': CBA

> Commonwealth Bank strategists say the Australian dollar now correlates more closely with Brent crude than with iron ore, as Australian oil and gas output has grown beyond iron ore output. Iron ore remains a key driver of the currency, the bank says.

- Date: 2020-06-12 · published 2020-06-12T12:00:00.000Z
- Category: macro · region Australia · magnitude low
- Page: https://feedsoft.ai/events/52878-australian-dollar-looks-like-a-petro-currency-cba
- Commodities: [Australian Dollar (USD per AUD)](https://feedsoft.ai/c/AUDUSD.md), [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md)

## Why it matters

If the Aussie tracks oil more closely, currency moves will increasingly follow energy prices, which affects Australian export values and diesel and freight costs. For feed buyers the signal is indirect.

## Read by commodity

- BRENT: neutral
- AUDUSD: neutral

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2018-12-05 | [Australian dollar drops, ASX expected to recover after global sell-off - ABC News](https://feedsoft.ai/events/61807-australian-dollar-drops-asx-expected-to-recover-after-global-sell-off-abc-news.md) | -2.7% | -11.5% |
| BRENT | 2020-07-27 | [Dollar’s weakness boosts rally in commodities and currencies - Gulf Times](https://feedsoft.ai/events/5318-dollar-s-weakness-boosts-rally-in-commodities-and-currencies-gulf-times.md) | -0.2% | +1.9% |
| BRENT | 2026-07-30 | [US Dollar: Warsh rhetoric weakens policy credibility – BBH](https://feedsoft.ai/events/8424-us-dollar-warsh-rhetoric-weakens-policy-credibility-bbh.md) | -9.2% | -3.9% |
| BRENT | 2021-07-13 | [Ringgit opens slightly lower against US dollar \| Malay Mail](https://feedsoft.ai/events/46331-ringgit-opens-slightly-lower-against-us-dollar-malay-mail.md) | -9.2% | -8.7% |
| BRENT | 2022-10-30 | [U.S. Dollar's Recovery Can Be Extended \| Investing.com](https://feedsoft.ai/events/39331-u-s-dollar-s-recovery-can-be-extended-investing-com.md) | +4.0% | -12.3% |

## Sources

- poundsterlinglive.com: https://www.poundsterlinglive.com/aud/13472-the-australian-dollar-is-looking-like-a-petro-currency-say-cba-researchers

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.