FREELAND: CANADA WON'T ESCALATE OR BACK DOWN ON US TRADE FIGHT

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI: PBOC To Aim To Drive Inflation Higher- Advisors

MNI: China To Issue More Bonds As Stimulus Targets Consumption

MNI BRIEF: China Nov M1 Decline Narrows, M2 Slows

EZ/UK T-Bill Calendar: 8/13/28/50-Week BTF Auction on Monday

EZ/UK Bond Supply Calendar: 4.125% Jul-29 Gilt Due on Tuesday

MNI: CANADA OCT WHOLESALE SALES +3.3%; EX-AUTOS +0.5%

MNI EXCLUSIVE: EU-Mercosur Deal Close, But Likely Short-Lived - Officials

AUSTRALIA: 2025 Election Outcome Looking More Uncertain According To Newspoll

© 1982-2024 MNI. All rights reserved.
Terms | Privacy
Log Out
Free Trial

Commodity Surge Fuels NOK, AUD Strength

FOREX

The reflationary cycle persisted Wednesday, with commodity contracts from copper to crude all registering fresh cycle highs. This helped boost commodity-tied currencies into the Wednesday close, prompting NOK, AUD and CAD to outperform. The longevity of the commodity rally was backed up by the move back above the $50/bbl mark for across the WTI futures curve.

  • The reflationary theme bled from commodities in haven FX, with both JPY and CHF trading particularly poorly despite the unimpressive showing from equity markets.
  • Early strength in GBP faded into the Wednesday close, as markets heeded the sharp overbought technical conditions. This prompted GBP to eye a middling finish despite hitting new multi-year highs against the EUR and USD early Wednesday.
  • Focus Thursday turns to weekly US jobless claims numbers, GDP data for Q4, durable goods orders and pending home sales. The speaker schedule includes ECB's Lane, de Cos and de Guindos and Fed's Bostic, Bullard, Quarles and Williams.
Energy BulletsCommodities
Energy BulletsCommodities

To read the full story

Close

Why MNI

MNI is the leading provider

of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.

Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.