February 3, 2023

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Commodity currencies hold slight gains amid firmer risk tones for now

1 min read

The aussie is the lead gainer so far in European trading

A bit of a push and pull is still being seen with regards to the dollar to start the session but that is fitting with the typical untidy narrative when it comes to month-end and quarter-end trading in general.

The greenback is mildly softer on the day now with EUR/USD back up to 1.1607 from 1.1590 earlier and GBP/USD also up to 1.3442 from a low of 1.3416 an hour ago.

With equities holding firmer across the board and US futures pushing gains of around 0.8% to 0.9%, commodity currencies are keeping more bid so far on the session.

AUD/USD is up 0.5% to 0.7214 but in terms of technical significance, there isn’t much to really take note of for the time being:

AUD/USD H1 30-09

The pair is still trading below the broken support region of 0.7220-30 and sellers are keeping near-term control as price action rests well below the key hourly moving averages, which are seen at 0.7248-52 at the moment.

Elsewhere, USD/CAD is down slightly to around 1.2710 from around 1.2740 in the past hour while NZD/USD is up 0.2% to 0.6885, a light bounce from around 0.6870.

Amid month-end and quarter-end focus, I’d wait on US traders to confirm any bias or sentiment we’re seeing for the time being. As such, tread lightly for now.

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