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AUD, NZD and CAD Receive Commodity-Tied Boost, Greenback Pressured

FOREX
  • The dollar index is likely to close in the red for Thursday, extending a 5-day slide for the greenback.
  • With the Bloomberg commodity index up 0.75% and a strong 2.5% boost for oil prices, commodity tied FX were among the best performers in the penultimate session before the August US employment report.
  • NZDUSD leads G10 gains, rising 0.6% and above 0.71 for the first time since July 6. Today's peak matches closely with the 200-day moving average and represent fresh 2 and a half month highs.
  • AUDUSD pierced the 50-day EMA and the 0.74 handle, maintaining a firmer technical tone with a key resistance at 0.7427 (Aug. 4 high) well in sight. The Canadian dollar took a little longer to react to the oil move, but eventually caught up firming 0.5% to 1.2557 as of writing.
  • EURUSD continued to grind higher, slowly taking out Wednesday's 1.1857 highs and inching closer towards 1.19 resistance. Cable price action was a little more interesting with a sharp move from 1.3790 to 1.3836 approaching the WMR fix as EURGBP found resistance around the 0.86 handle.
  • Friday's market focus clearly on US non-farm payrolls where the current Bloomberg estimate for headline change is +725k. Australian retail sales will be also be published overnight.
Energy BulletsCommodities
Energy BulletsCommodities

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