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15 May 2015
Commodity currencies basing? – MP
FXStreet (Barcelona) - Dean Popplewell, VP of Currency Analysis and Research at MarketPulse, mentions that the recent strength exhibited by AUD, NZD and CAD show signs of reversing.
Key Quotes
“Investors are finally willing to look more closely at commodity- and interest rate-sensitive currencies like the Aussie, Kiwi, and Canadian dollars. Of late, they have been outperforming the “mighty” dollar by some degree: the loonie is trading C$1.1930, the Aussie has breached A$0.8140, and the Kiwi dollar is printing $0.7550. These levels are in direct conflict to their respective central banks’ rhetoric. The recent strength by commodity currencies is showing signs of reversing, with topping chart patterns in AUD and NZD outright, while USD/CAD shows signs of basing.”
Key Quotes
“Investors are finally willing to look more closely at commodity- and interest rate-sensitive currencies like the Aussie, Kiwi, and Canadian dollars. Of late, they have been outperforming the “mighty” dollar by some degree: the loonie is trading C$1.1930, the Aussie has breached A$0.8140, and the Kiwi dollar is printing $0.7550. These levels are in direct conflict to their respective central banks’ rhetoric. The recent strength by commodity currencies is showing signs of reversing, with topping chart patterns in AUD and NZD outright, while USD/CAD shows signs of basing.”