Depression in commodity prices takes its toll on FX

The USD has staged a bit of a recovery, particularly against the commodity currencies.

 

This is due to oil prices sliding on the back of API inventories rising in the USA. The market will now be eagerly waiting on whether the EIA data confirms this.

 

Typically AUD, CAD and the NZD struggled because of this with the Rand bucking the trend.

 

In other news depsite the decline in German yields yesterday the EUR has held up to maintain a level around its current high.