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Oil ramp underpins commodity currencies.......>

FOREX: Oil ramp underpins commodity currencies
-Brent crude futures edged above $60/bbl for the first time since mid-December,
extending the post-Christmas rally to over 20% from the lows, helping buoy
commodity-tied FX and lifting NOK, AUD and CAD toward the top of the G10 FX
table Wednesday. Brent crude now eyes the 50-dma at $61.99 for further
-NZD outperforms all others, however, with bulls eyeing the imminent break of
the 50-dma above the 200-dma, which may prove supportive. NZD/USD is yet to
challenge the year's highs of $0.6767 and this remains the next hurdle to
another leg higher.
-After a strong start to the year, JPY is easing lower in European trade, with a
strong showing from equity markets in the US and Europe prompting investors to
shift away from haven FX. CHF is generally weaker in sympathy.
-Central banks take focus Wednesday, with decisions due from the Bank of Canada
and central bank of Poland as well as the FOMC minutes from their December
MNI London Bureau | +44 203-865-3809 |
MNI London Bureau | +44 203-865-3809 |

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