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Commodity-Tied FX Extends Gains, Greenback Consolidates

FOREX
  • The Norwegian Krone was top of the pile for a second day as oil extended its recovery into a second day and negated the entirety of last weeks drawdown. NOK firmed just under 1% on Tuesday.
  • Antipodean FX was close behind, consolidating gains made during APAC trade and enjoying the relief rally in risk assets.
  • EUR, JPY, GBP and CNH were broadly unchanged, trading in narrow ranges ahead of Jackson Hole later this week. As such EUR crosses suffered with EURNZD printing briefly below .169 after topping out at 1.7166 on Monday.
  • The dollar index briefly extended its decline in the lead up to the WMR fix. However, with limited catalysts to prompt any momentum selling, a steady bounce to unchanged ceased the action for the day but indices held on to the week's declines.
  • USDCAD (-0.45%) confirmed a short-term reversal pattern by extending past the 20-day EMA and now may target 1.2509, the 50-day EMA, with the additional 3% rally in crude a clear CAD tailwind.
  • Emerging market currencies saw slightly more action with notable moves in high beta plays such as BRL and ZAR, with the latter slipping back below the 15.00 handle having traded at 15.40 on Friday.
  • NZ Trade Balance overnight will be followed by German IFO data out of Europe. US Durable Goods Orders and Crude Oil Inventories will round of Wednesday's calendar.
Energy BulletsCommodities
Energy BulletsCommodities

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