Today's edition of the Saxo Morning Call features the SaxoStrats team discussing the continuing weakness of the US dollar as commodity prices recover ground and in the wake of key US equity indices hitting all-time highs Thursday.
Squawk / 16 May 2018 at 20:54 GMT
FX Trade Strategist /
Market wrap part 3... USDCAD led the commodity currency bloc lower, falling from the opening level of 1.2860 to 1.2780. The down move was fueled by speculation that some sort of NAFTA deal would be announced as soon as Thursday. A report that Canadian Prime Minister Trudeau was starting a three-day tour to Washington gave the rumour credence.

AUDUSD rallied, climbing from 0.7484 to 0.7521. The stalled US dollar rally and an uptick in commodity prices underpinned Aussie gains. Traders were looking ahead to the employment report due later today. NZDUSD rallied, dipped and finished unchanged from its opening level.

WTI oil prices reversed losses after yesterday’s API report of a 4.85 million barrel increase in US crude inventories when the Energy Information Administration (EIA) reported a 1.4 m/b decline in crude stocks.

Wall Street recovered from morning losses and closed with gains across the board as traders ignored the rise in Treasury yields.


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