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Growth Proxies Strengthen Further, Retail Sales On Tap

FOREX
  • Commodity-tied and growth-proxy currencies are again outperforming, with AUD, NZD and CAD at the top of the G10 pile. A better-than-expected Australian jobs report helped set the tone, but persistent strength in oil, gold and copper this morning has buoyed sentiment further.
  • AUD/USD has now topped the Mar23 high to open resistance at 0.7774 (Mar19 high). USD/CAD is through the 1.25 handle to eye 1.2462, Mar 19 low (1.2365 is the bear trigger) and NZD/USD trades back above both the 50- and 100-dmas, with 0.7269 the key level going forward.
  • The USD outlook is more mixed, with the USD Index finding some modest support at the 50-dma, but stopped well short of any material recovery.
  • Focus turns to a slew of US data releases, with weekly jobless claims and retail sales numbers due as well as industrial production and the Philly Fed Business Outlook.
  • Central bank speakers due include Fed's Bostic, Daly, Mester and New York Fed's Logan who, while not on the Fed, will be a carefully watched speech today.
Energy BulletsCommodities
Energy BulletsCommodities

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