Article by ForexTime
The dollar was weaker against all Asian currencies on Tuesday, and weaker by 0.1 per cent versus a basket of global peers.
The yen was sitting 0.1 per cent stronger, with USDJPY at 108.95 yen. The main risk for the yen will be the release of March quarter GDP data on Wednesday.
Commodity-linked currencies, such as the New Zealand dollar was stronger by about one-third of a percentage point. But the Australian dollar was the top performer, jumping as much as 1.1 per cent after the release of the minutes from the Reserve Bank of Australia’s May meeting, at which they cut interest rates, revealed the Board had considered waiting for more data rather than taking action.
Prices for most base metals in London rallied on Monday thanks to the weaker greenback, as did gold, which was sitting 0.4 per cent higher on Tuesday at $1,278.70 an ounce.
Oil prices continued their march toward $50 a barrel in Asia on Tuesday, providing support for regional stock markets and commodity-sensitive currencies.
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Brent crude, the international benchmark, was up 0.5 per cent at $49.24 a barrel today, and threatening to break through the $50 mark for the first time since last November. West Texas Intermediate, the US marker, was up 1 per cent at $48.20.
Prices were supported by concerns about the potential impact of supply disruptions, most recently in Nigeria, and with Goldman Sachs – the most bearish of the leading commodity banks – upgrading on Monday its outlook for WTI over the second half of this year.
Article by ForexTime
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