9 Dec 2014
Oil puts pressure on the Antipodeans – TDS
FXStreet (Barcelona) - The TD Securities Team notes that Oil’s continued downfall led to the commodity currencies underperforming in the FX market, with AUD facing the highest pressure in the Asian session.
Key Quotes
“After yesterday’s fall in commodities and crude in particular, oil has continued its downward descent overnight with crude futures sitting just above £65/barrel. This has led to commodity currencies underperforming in FX space, with the Antipodean currencies especially under pressure with AUD the underperformer in G10 FX space in the Asian session following falls in both the business confidence and conditions data. There has also been news overnight that China will raise the threshold for bonds eligible as collateral for borrowing, sending Chinese bond yields higher and pushing AUD lower.”
Key Quotes
“After yesterday’s fall in commodities and crude in particular, oil has continued its downward descent overnight with crude futures sitting just above £65/barrel. This has led to commodity currencies underperforming in FX space, with the Antipodean currencies especially under pressure with AUD the underperformer in G10 FX space in the Asian session following falls in both the business confidence and conditions data. There has also been news overnight that China will raise the threshold for bonds eligible as collateral for borrowing, sending Chinese bond yields higher and pushing AUD lower.”