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Commodities, Commodity-Tied FX Strengthening Further

COMMODITIES
  • Commodities and commodity-tied currencies continue to outperform in early NY hours, with both Brent and WTI seeing further upside in recent trade.
  • Key drivers for WTI and Brent at this juncture are weaker dollar (today the USD Index hit new April lows), further geopolitical tensions as Russia begin military drills in the Black Sea and - most recently - a larger than expected draw in the DoE inventories (draw of near 6mln bbls - over twice as large as expected).
  • WTI crude futures face next resistance at the March 18 high of 64.88 ahead of the key bull trigger above at 67.70 - the Mar 8 high.
  • Outperformance in crude helping drive AUD, NZD in recent trade, which extend post-RBNZ gains.
Energy BulletsCommodities
Energy BulletsCommodities

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