Commodity currencies are on their back foot as US stocks fall to the lows of the day, with the S&P 500 down 6 points to 1368.
- NZD/USD is leading the charge, falling below 0.83 for the first time since last Friday.
- Oil is down more than $2.50 but USD/CAD is sticking close to to its daily range.
- The AUD/USD lows are holding so far.
Barring large declines, CAD and AUD will be the top gainers this week so a bit of profit taking ahead of the weekend shouldn’t be a surprise. The short EUR/AUD (or other commodity currency) trade appears to be back in full force.
