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Commodity currencies post slight gains amid firmer risk tones for now


The aussie is the main winner so far in European trading

A little push and pull is always seen when it comes to the dollar to start the session, but it fits the typical messy narrative when it comes to month-end and quarter-end trading in general.

The greenback is slightly weaker today with EUR / USD rising to 1.1607 from 1.1590 earlier and GBP / USD also up to 1.3442 after a low of 1.3416 ago one o’clock.

With firmer stocks overall and US futures pushing gains of around 0.8% to 0.9%, commodity currencies are keeping more bids so far on the session.

AUD / USD is up 0.5% to 0.7214 but in terms of technical significance there isn’t much to really note at the moment:

The pair is still trading below the broken 0.7220-30 support area and sellers are keeping control in the short term as price action remains well below the key hourly moving averages, which are currently 0. 7248-52.

Elsewhere, USD / CAD is down slightly to around 1.2710 from around 1.2740 in the last hour while NZD / USD is up 0.2% to 0.6885, a slight rebound by compared to about 0.6870.

In the midst of month-end and quarter-end targets, I would wait for US traders to confirm any bias or sentiment we see at this time. As such, walk lightly for now.

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