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FOREX: Oil currencies hold crown as US finalise Iran oil waiver withdrawal
-Reports that the US are to end waivers that allow countries and corporations to
buy Iranian oil were confirmed Monday, helping send crude oil benchmarks surging
as much as 2.5% apiece. CAD and NOK followed commodities higher, outperforming
all others in G10 Monday. USD/CAD now targets the 100-dma to the downside at
C$1.3338. Emerging market FX tied to countries with large oil import balances,
namely South Korea and India, traded much weaker. USD/INR hit the highest levels
since early March, closing in on the 50-dma at 70.0246.
-USD took a knock halfway through the US session as existing home sales for
March fell well below expectations (m/m sales fell 4.9% vs. Exp. -3.8%), helping
boost EUR/USD north of $1.1250. GBP underperformed, however, with markets shying
from the currency on fresh reports of political turmoil and leadership crises
surrounding PM May. GBP/USD bottomed out at $1.2976 across a quiet
-Focus turns to US new home sales, Eurozone consumer confidence and rate
decisions later in the week from the Riksbank, Bank of Canada and Bank of Japan.