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Commodity Hot Streak Buoys Antipodeans

FOREX
  • AUD and NZD carried their outperformance throughout the European morning, trading well alongside industrial metals as the likes of copper, steel and iron ore shot higher. Expectations of better global growth in H2 this year were cited behind the move, with copper clearing 2021's earlier highs to strike the best levels in a decade. AUD/USD topped 0.78 at the London close, eyeing clustered resistance at 0.7815/16.
  • The greenback held its ground for much of the European trading day, before selling pressure became evident ahead of the WMR fix, pressuring the USD index to its lowest levels since early March.
  • Reflecting the better outlook for global trade, Chinese currencies put in a strong performance, helping USD/CNH and USD/CNY slip to the lowest levels in over two months.
  • Focus Tuesday turns to Italian and US consumer confidence numbers, with the Bank of Japan rate decision also due. Bank of Canada's Macklem is scheduled to speak as well as ECB's de Cos.
Energy BulletsCommodities
Energy BulletsCommodities

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