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Commodity-Tied Currencies On Top as Oil Markets Break Out

FOREX
  • Powell's end-of-session speech did little to turnaround the weaker greenback Wednesday as surging equity markets and still-low Treasury yields helped pressure the USD Index to new April lows. The 50-dma undercuts as support for the index, today crossing at 91.602.
  • Building on a strong start, AUD and NZD rose further into the US close as commodity markets surged to outperform all others, with AUD/USD cracking near-term resistance to trade at the best levels since mid-March. Bulls need to build a base above the 50-dma to extend the recovery, with the key bull trigger now seen at March's 0.7849.
  • A stellar session for WTI and Brent crude futures helped these currencies, alongside CAD, outperform, as a considerably larger draw on inventories than expected in the weekly DoE inventories helped fuel gains.
  • USD and CHF were the weakest Wednesday, with AUD, NZD well ahead of the rest of G10.
  • Focus Thursday remains on US earnings season, with the Australian jobs report, weekly US jobless claims, industrial production and retail sales data as well as rate decisions from the the Turkish and South Korean central banks.
Energy BulletsCommodities
Energy BulletsCommodities

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