USD/CAD is continuing to grind away at the downside today following the lead from USD/BRL overnight. Today’s major event – Singapore tightening by revaluing Sing dollar -has kept the commodity currencies bid throughout the day. Asia is going gangbusters – China Q1 GDP 11.9% (according to sources), Singapore 13% y/y, India 8.4%, S. Korea over 5%, Australia 3.5% et al. Whilst Europe, Japan and the U.S. are struggling Asia is firing on all cylinders hence Singapore’s aggressive and unexpected tightening today. Commodity currencies appear headed in only one direction.