Trade worry & soft copper prices weighed on...>

FOREX: Trade worry & soft copper prices weighed on commodity FX on Thursday.

- USDCAD ran up through 1.300 where it consolidated, while AUDUSD continued to

fall back after posting solid gains earlier in the week, last trading 0.7790.

NZD also softened, but outperformed AUD on the day.

- EURUSD fell afoul of the broader USD strength, although there was interest in

front of 1.2300 with EUR 2.62bln worth of 1.2300 option expiries set to roll off

at the 10AM NY cut on Friday. EURGBP breached the 100-DMA (0.8849).

- The move in EURGBP supported cable throughout the early part of the London

afternoon, before the broader USD strength pressured GBPUSD, with the pair

finding a top just below 1.3990.

- The NOK appreciated as the Norges Bank stood pat (as expected), but noted that

its benchmark rate will most probably be raised after summer. Elsewhere the SEK

benefitted from a much lower than expected unemployment rate.

- The CHF was relatively unreactive to the SNB's MonPol decision, as the central

bank stood pat, left its language surrounding the CHF unchanged and marked down

its inflation projections. The CHF ticked lower vs. USD as the day wore on.