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Commodity FX Maintains A Positive Bias


The BBDXY hasn't drifted too far away from the 1266 level in a range bound session (last at 1265.70). The AUD and NOK have seen some outperformance, while dips in USD/JPY have been supported. The market though appears to be waiting for cues from the US CPI report before deciding on fresh direction.

  • AUD/USD saw support off 0.6740, but is only back to the 0.6760 region, which is +0.25% higher for the session. Consumer and business sentiment results didn't shift the sentiment needle earlier today. NOK is around 0.2% firmer, with USD/NOK back sub 9.9800.
  • NZD/USD is back to 0.6385/90, slightly off session highs. Food prices were flat for November, while the AUD/NZD cross has seen some demand emerge sub 1.0570.
  • USD/JPY is holding close to 137.70, flat for the session. Early moves below 137.50 were supported, but the move towards 138.00 faltered.
  • Ahead of the US CPI report tonight, UK job/wage figures print, along with the BoE financial stability report. In Germany, CPI is out, along with ZEW.

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