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USD MACRO CURRENCY UPDATE: The data in the US has continued to print strongly, with the latest non-farm payrolls exceeding all expectations printing close to +300k. This has primed expectation the Federal Reserve will remove the ‘patience’ comment in their statement when they meet on March 18th and will move to being data dependent for the next move in rates higher. This means, assuming the data continues to print strongly, the US will begin a hiking cycle some time between June and September this year. The US...

USD MACRO CURRENCY UPDATE The USD has continued to appreciate although with slowing momentum. The highlight of the week was the capitula on style move in USD/BRL trading from 3.06 to a high on 3.27 on Friday. AUD/USD moved lower in the beginning of the week, squeezed in the middle and it currently working at the bottom of the recent range. Key events this week are the RBA minutes which should leave the door open to further rate cuts should the economy continue to struggle; and the FOMC meeting in which it is widel...

USD MACRO CURRENCY UPDATE: The post FOMC USD sell off appears to be complete with most sugar relevant currencies resuming their downtrend. AUD and NZD both technically broke higher only to fail and move back into the range. From a charting (technical) point of view this would suggest a test of the bottom of the range. 7550 for AUD and 7200 for NZD. We maintain our short AUD position looking for low 70s. Key data out this week are US employment on Friday night and the RBA decision the following Tuesday. The market...