The $US is breaking out to fresh 4-month highs as it embraces the strong local economic data and rising bond yields – financial markets move like an interconnected jigsaw with today being a perfect example. The initial move higher sent commodity prices lower but they appear to have stabilized for now with the move being priced in however another dip by the likes of copper and oil will see MM look to increase our exposure to these sectors.
MM believes the $US will be capped by the 94-95 area
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