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Lower Oil Hits Commodity Currencies

FOREX

Oil was sharply lower in the Asia-Pac session amid signs that supply will return shortly as adverse weather conditions look set to abate in the coming days.

  • CAD and NOK were the biggest losers amid the decline in oil, other commodity currencies also struggled.
  • AUD and NZD are both lower, negative data from the region compounding downward pressure. IHS Markit PMI in Australia slipped, while retail sales were below estimates. In New Zealand the January activity index rose 0.8% Y/Y, but the statement from the treasury accompanying the release said the recovery could be starting to plateau.
  • JPY pairs moved in a tight range, data showed CPI fell in-line with estimates while Japan PMI rose, manufacturing rose above 50 and is back in expansionary territory. The BoJ kept rinban ops unchanged.
  • Offshore yuan weakened, despite a fix below sell-side estimates. The PBOC fixed USD/CNY at 6.4524, 32 pips below sell side estimates and only the ninth lower miss of 2021 so far. The central bank used local media to emphasise it was not considering tightening policy.
  • GBP/USD has retreated from highs after rallying yesterday. UK GfK Consumer Confidence for February came in at -23 against -28 expected.
Energy BulletsCommodities
Energy BulletsCommodities

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