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Commodity Gains Drive FX

FOREX

Gains in commodities have supported high beta currencies in Asia on Monday, AUD and NZD topping the pile so far while CAD is also seeing upside.

  • AUD/USD last up 22 pips at 0.7891, the pair is supported by gains across the commodity complex; copper futures are at levels last seen in 2011. Fitch affirmed Australia at AAA; outlook negative. They did warn The outlook reflects uncertainty around the medium-term debt trajectory. NZD/USD is up 15 pips at 0.7313, S&P upgraded New Zealand's sovereign rating to AA+ from AA.
  • JPY pairs are softer, after hours on Friday saw the Japanese government cut its headline economic assessment for the first time since April 2020 in the wake of the impact of the COVID-related state of emergency.
  • The PBOC fixed USD/CNY at 6.4563, around 10 pips above sell side estimates. Earlier a senior Chinese diplomat said China hoped the US would adjust unreasonable tariffs as soon as possible.
  • GBP is among the gainers, GBP/USD last up 20 pips at 1.4036 after UK PM Johnson announced a slight easing in lockdown rules which includes schools opening next month and less restriction on outdoor contact.
Energy BulletsCommodities
Energy BulletsCommodities

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