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Waning commodities knock AUD, CAD.............>

FOREX
FOREX: Waning commodities knock AUD, CAD
-Following a series of strong sessions resulting in the highest oil price since
November this week, markets eased overnight Thursday, helping prompt some mild
underperformance in commodity-tied FX ahead of the US open. AUD and CAD trade
within recent ranges but are at the bottom of the G10 pile so far today.
-EUR trades well, with EUR/USD showing a few pips above the Wednesday high
printed ahead of the ECB rate decision. Markets appear to have brushed off any
dovish tones read into the ECB statement yesterday and now look ahead to an 8
week break until the next ECB meeting (June 6th).
-GBP is slightly softer, but holding well as a six-month delay to Brexit looks
to be confirmed by PM May in the House of Commons later today. EMFX is broadly
flat excepting TRY, which is at the weaker end on relatively little newsflow.
-US PPI report for March and weekly jobless claims are the data highlights
Thursday. Speeches from ECB's Visco & Knot, Fed's Clarida, Williams, Bullard,
Kashkari and BoC's Wilkins are also on the docket.

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