Risk appetites are recovering this afternoon as the Commonwealth currencies steal the spot-light from the range-bound EUR/USD. AUD/JPY has been in recovery mode in recent hours after selling overnight by Japanese investors. Same for CAD/JPY and GBP/JPY.
Last week, commodity currencies held up quite well despite very sharp corrections in the oil and gold markets. Today those markets are steady, allowing the currencies to enjoy a bit of strength.
AUD/USD eyes resistance at the 0.9195 level. USD/CAD support lies at 1.0565. 1.6328 is resistance in cable.
