6 May 2015
Commodity currencies supported by crude – MP
FXStreet (Barcelona) - Dean Popplewell, Director of Currency Analysis and Research at MarketPulse, notes that AUD, NOK and CAD continue to be supported from rising Crude prices.
Key Quotes
“Aussie, loonie and NOK continue to be supported by the recent surge in crude prices. WTI crude is up nearly +$2.50 since yesterday, and trades north of $60 p.b. (+$61.81), while Brent is trading firmly above $68 – prices last seen in December.”
“The ‘black stuff’ is being supported by reports of Yemen rebel activity and OPEC’s officials stating yesterday that improved pricing over recent months means the cartel will most likely maintain its production quotas at the June 5th OPEC meeting.”
“A weaker USD is again a problem, and the market does not seem too surprised to see further upside from here. Obviously that will depend on yields and how this week’s job reports will shape the dollar’s next move.”
Key Quotes
“Aussie, loonie and NOK continue to be supported by the recent surge in crude prices. WTI crude is up nearly +$2.50 since yesterday, and trades north of $60 p.b. (+$61.81), while Brent is trading firmly above $68 – prices last seen in December.”
“The ‘black stuff’ is being supported by reports of Yemen rebel activity and OPEC’s officials stating yesterday that improved pricing over recent months means the cartel will most likely maintain its production quotas at the June 5th OPEC meeting.”
“A weaker USD is again a problem, and the market does not seem too surprised to see further upside from here. Obviously that will depend on yields and how this week’s job reports will shape the dollar’s next move.”