Equities are positive, with Europe playing catch-up to yesterday’s big afternoon gains in NY, oil and the CRB are both up, commodity currencies are cranking (thanks Canada!), and US Treasury yields are higher and European rate spreads narrower….
EUR/USD is rising from its lows against the upbeat backdrop, testing offers in the 1.2645/50 area. Looks like a range should play out for the balance of the session in the majors while USD/CAD still has some downside potential as the market re-prices the odds of a series of BOC hikes. 1.0275 is next support.
