The Australian dollar has rebounded slightly on the better risk tone but the Canadian dollar just hit an air pocket.

It’s not a surprise to see the commodity currencies pull back because they’re all among the best performers this month.

It’s the timing that’s odd. The Chinese PMI was slightly better than expected and US data has been upbeat — the Shanghai composite surged a remarkable 4.3%.

I think the takeaway is that global growth is picking up and you have to look for opportunities like today to buy commodity FX.