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Dollar Index Edges Lower As Commodities Continue Ascent

FOREX
  • G10 FX held fairly tight ranges on Monday with little news or data to spark currency volatility.
  • However, the bias throughout the US session has certainly been to sell dollars as gold surged and the Dollar Index edged back towards the worst levels since the US CPI release on 12 May, currently down 0.15% at 90.18.
  • GBPUSD gained 0.3% to trade at 1.4140 after posting the highest weekly close since mid-February last week. Sterling was supported by the UK confirming the next stage of the easing of restrictions. The rate has cleared a number of resistance levels, reinforcing a positive theme with sights set on the key resistance at 1.4237, Feb 24 high.
  • Similar gains were seen for the Canadian dollar as USDCAD begins to re-approach the major pivot chart point at 1.2062. CAD was likely buoyed by the advance in the commodity space, notably oil prices rallying around 1.5%.
  • NZDUSD (0.7216) was led higher throughout the US session in line with greenback weakness, however, kiwi remains the standout underperformer (-0.43%) on Monday having traded as low as 0.7182 overnight. Our Asia desk cited reports of leverage fund selling interest, unwinding some of last Friday's rally.
  • Tuesday's schedule includes RBA minutes, UK employment and Eurozone GDP. Also, expect comments from BOE officials due to testify as well as SNB/FED members participating in an online conference hosted by the Federal Reserve Bank of Atlanta.
Energy BulletsCommodities
Energy BulletsCommodities

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