Source: Forex News
Oil and other energy commodities were hammered to the extent of 5% losses yesterday forcing oil prices to 5 month lows. Iron Ore fell 8% at one point. As a result of the slide, currencies of countries who are heavily reliant on export of oil such as Canada, fell to 14 month lows while AUDUSD fell to 4 month lows.
The Canadian dollar slipped to C$1.3790 per US dollar at one point, its weakest level since late February 2016. The AUDUSD slid to $0.7372 at one point, its lowest level since Jan. 11.
The EURUSD touched a six-month high of $1.0990 at one point, supported by expectations that centrist Emmanuel Macron will win the final round of France’s presidential election on Sunday.
GBPUSD trading mostly followed the major trends of EUR strength and relative dollar softness yesterday. EURGBP drifted north to the high 0.84 area, supported by the rise of EURUSD. GBPUSD dropped temporary lower early this morning, but rebounded north of 1.29 as the USD couldn’t maintain its post-Fed gains.
Today’s economic calendar contains US payrolls. Fed Yellen, Fischer, Williams, Rosengren, Evans and Bullard are scheduled to speak. NFP will provide additional insight into the Federal Reserve’s rate likely trajectory through the end of the year. In March, the US payrolls disappointed (98K), but it was likely a payback from mild weather earlier. In April, consensus expects a rebound to 190K.
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