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23 Mar 2016
Action in the commodity currencies - Westpac
Analysts at Westpac noted the action in the commodity currencies overnight.
Key Quotes:
"AUD/USD was volatile, initially falling to 0.7551 in response to the Brussels headlines, but a few hours later squeezing as high as 0.7643, finally steadying slightly higher overall at 0.7615.
NZD/USD similarly fell to 0.6721 before trading mostly the mid-0.67s. AUD/NZD rose throughout London/NY, from 1.1215 to 1.1280/1.1300.
USD/CAD spiked in the flurry to buy USD in London but then tracked lower, with Canada’s budget seen as pro-growth."
Key Quotes:
"AUD/USD was volatile, initially falling to 0.7551 in response to the Brussels headlines, but a few hours later squeezing as high as 0.7643, finally steadying slightly higher overall at 0.7615.
NZD/USD similarly fell to 0.6721 before trading mostly the mid-0.67s. AUD/NZD rose throughout London/NY, from 1.1215 to 1.1280/1.1300.
USD/CAD spiked in the flurry to buy USD in London but then tracked lower, with Canada’s budget seen as pro-growth."