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FX Trends At Open, Commodities Lead The Way

Yesterday's risk rally seems to be still pushing for gains, brent oil has pushed to 35 USD area which if broken will lead to 40 USDs. As a result, CAD and oil linked currencies fare better than others. Momentum has somewhat picked up on oil linked currencies as yesterdays oil negative news failed to push for a break in oil. Ruble has gained ground to 75 USD's and keeps pushing. Commodity currencies have done well over the last few days as commodity prices pick back up. Even with China's plunge yesterday, China seems to be in a stabilization mood if you look at the short term money markets. NZD and AUD have performed well but have not broken levels as a result. Emerging Markets are also pushing for further gains, MXN, BRL, TRY, HUF, PLN all trying to take support levels even with fundamentally weak stories behind them. Price action is mainly due to positioning and global interest rates. USD weakness has translated into lower global rates and emerging markets and commodity strength which seems to be carrying on today.