FX levels close to flat

The early theme in the market was continued USD and JPY weakness but those moves have now faded.

For the most part, the FX market is back to square on the day. The euro is unchanged and AUD/USD is only up a dozen pips.

Part of the reason is the reversal in oil. WTI crude rallied to $40.44 shortly after the open, in a post-COVID high but a wave of post-OEPC profit taking hit, sending crude back to $38.80. It's back up to $39.39 in volatile trade.

The weakness in oil has pushed USD/CAD fractionally higher on the day.

Overall, the only real mover in FX continues to be the pound, which is up 40 pips against the dollar and 31 against the yen.