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AUD, NZD Buoyed While Copper Strikes Decade High

FOREX
  • Antipodean currencies outperform early Monday, with AUD/USD, NZD/USD nearing last week's best levels as commodity markets - particularly industrial metals - trade well at the start of the week. Copper prices have hit new cycle highs this morning, trading again at the best levels in a decade having cleared the previous top in late February.
  • The greenback trades marginally lower, with the USD slipping against most others. This has helped buoy EUR/USD, which continues to defy the bearish signals emanating from last week's gravestone doji candle (Tuesday). Instead, the EUR/USD uptrend remains in tact and is approaching bear channel resistance at 1.2119.
  • GBP trades modestly firmer, erasing some of the damage done at the tail-end of last week. Lower crude prices are working against the likes of NOK ahead of this Wednesday's OPEC+ meeting.
  • Preliminary US durable goods numbers cross later today, with speeches from ECB's Lane and Panetta also due.

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