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

direction.

-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

decision.