Free Trial

Greenback Firms Up, Commodity FX Start On Softer Footing

FOREX

The greenback tops the G10 pile as we type, amid lingering concerns over the difficult Covid-19 situation in Europe & dwindling hopes for any re-election stimulus pact in the U.S. The DXY trades through yesterday's highs, but has been reluctant to test the nearby 50-DMA.

  • Commodity-tied FX started on a softer footing, pressured by remaining impetus from yesterday's retreat in oil prices, which occurred after the latest API report showed that U.S. crude stockpiles rose by almost 4.6mn barrels.
  • CAD & AUD have managed to recover somewhat, leaving NOK & NZD behind. The Aussie has shown little reaction to marginally better than expected CPI data out of Australia.
  • USD/KRW re-opened higher despite a solid recovery in South Korea's consumer confidence.
  • Focus turns to BoC MonPol decision, French consumer confidence, Swedish retail sales, flash U.S. wholesale inventories as well as comments from Fed's Kaplan, BoC's Macklem & ECB's de Cos.

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.