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Better Sentiment, Firmer Commodity Markets Support Antipodeans

FOREX

Risk-on flows allowed the Antipodeans to outperform in G10 FX space, with BBG trader source flagging corporate demand for the kiwi and noting that AUD appreciated after stops were triggered. Stronger than forecast PBOC fix & firmer commodity markets provided further support, as gains in iron ore & crude oil helped push BBG Commodity Index closer to its multi-year high.

  • Offshore yuan caught a bid after the PBOC set its USD/CNY mid-point at CNY6.4357, 50 pips lower than yesterday, 12 pips lower than sell-side estimates.
  • Sterling extended gains as cable breached its May 11 high of $1.4166, which reportedly triggered buy-stops above that figure. GBP/USD showed at its strongest levels in three months.
  • The bid in most regional equity markets applied some pressure to the USD in Asia-Pac hours. JPY went offered alongside USD amid a broader pick-up in risk appetite.
  • UK labour mkt report, flash EZ GDP as well as U.S. housing starts & building permits take focus on the data front today. Central bank speaker slate includes ECB's Lagarde & Villeroy, Fed's Kaplan, BoE's Bailey & Riksbank's Ohlsson.
Energy BulletsCommodities
Energy BulletsCommodities

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