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Commodity Currencies Rebound

FOREX

Risk sentiment was positive in the Asia-Pac session as Friday's theme's continued following a less hawkish tilt from Fed's Kaplan on Friday.

  • AUD and NZD both started lower as local COVID dynamics caused some concern, but positive sentiment saw both lifted with AUD the winner on the day as worries in New Zealand abound that authorities have failed to contain the latest COVID-19 outbreak. The move in AUD accelerated after Australian PM Morrison said that individual states should stick to plans to reopen from lockdowns despite still elevated case counts in both NSW and Victoria. Commodity currencies were further supported by a rebound in oil prices with crude futures rising by over 1%.
  • Offshore yuan strengthened, USD/CNH dipping back below the psychological 6.50 handle. On the coronavirus front China reported no new cases for the first time in over a month. China stepped up testing to isolate breakouts and utilized sweeping quarantines to isolate infections.
  • Markets look ahead to European flash PMI readings coming up, while broader focus for the week will fall on the Fed's annual Jackson Hole Economic Symposium, with commentary from FOMC Chair Powell on Friday headlining that (now virtual) event.
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