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Firmer Crude Supports Oil-Tied FX Albeit Antipodeans Lag

FOREX

Oil-tied NOK and CAD caught a modest bid on the back of firmer crude oil prices, but the Antipodeans failed to follow suit. AUD/USD had a brief look above yesterday's multi-year highs as a BBG trader source pointed to AUD purchases linked to short-covering/demand from leveraged funds ahead of $0.7900 put strikes. That said, the currency failed to cling onto its initial gains and pulled back later in the session.

  • AUD/CAD turned its tail just ahead of a key psychological barrier, with a contact flagging suspected profit taking ahead of C$1.0000. The rate's RSI pulled back below 70, with a bearish divergence taking shape.
  • NZD struggled from the off amid positioning in the lead-up to the upcoming RBNZ MonPol decision and following the release of worse than expected NZ retail sales data.
  • USD/JPY traded on a slightly softer note, extending its four-day losing streak. Japanese markets were closed for the Emperor's birthday.
  • The PBOC fixed its central USD/CNY mid-point at CNY6.4516, 23 pips below sell side estimates, the second lower fix in three days. Offshore yuan strengthened but respected yesterday's range.
  • Today's key data releases include final EZ CPI, UK labour market report, U.S. Conf. Board Consumer Confidence and Swedish unemployment.
  • Elsewhere, all eyes are on Fed Chair Powell's semi-annual MonPol Report. BoC Gov Macklem & Riksbank's Bremak are also due to speak today.
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