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The comdolls were engaged in a bitter battle royale, thanks to recovering commodities and improving risk sentiment during the session. However, the risk-on vibes also meant that the safe-haven Swissy and yen got sideswiped by risk-seekers.

  • Swiss jobless rate: 3.3% vs. 3.2% expected, 3.3% previous
  • German industrial production: -0.4% vs. -0.6% expected, 2.2% previous
  • German trade balance: €19.6B vs. €21.2B expected, €21.0B previous
  • French government’s budget balance: -€29.6B vs. -€21.5B previous
  • Italian retail sales: 0.2% expected, -0.3% previous

Major Events/Reports:

Commodities recover, but precious metals slide lower

Commodities staged a broad-based recovery during the morning London session. Unfortunately, precious metals got left behind, though.

Base metals were mostly in positive territory.

  • Copper was up by 0.14% to $2.497 per pound
  • Nickel was up by 0.99% to $9,225.00 per dry metric ton

Oil benchmarks were also in the green.

  • U.S. WTI crude oil was up by 0.32% to $46.58 per barrel
  • Brent crude oil was up by 0.39% to $49.53 per barrel

Meanwhile, precious metals slightly dipped into negative territory, likely because of the risk-taking in Europe.

  • Gold was down by 0.09% to $1,225.99 per troy ounce
  • Silver was down by 0.06% to $16.248 per troy ounce

Market analyst couldn’t pinpoint a reason for the broad-based recovery, especially since the U.S. dollar index was actually up by 0.36% to 99.39 for the day when the session ended.

There were some market analysts said that the recovery was just a technical correction, though.

Risk-on vibes in Europe

Risk-taking was apparently the name of the game in the European equities market since European equity indices were mostly glowing green.

  • The pan-European FTSEurofirst 300 was up by 0.48% to 1,555.20
  • Germany’s DAX was up by 0.64% to 12,775.50
  • The blue-chip Euro Stoxx 50 was up by 0.53% to 3,660.50

U.S. equity futures also got a soft boost from the risk-on vibes in Europe.

  • S&P 500 futures were up by 0.09% to 2,397.25
  • Nasdaq futures were up by 0.08% to 5,659.88

Market analysts attributed the risk-friendly environment in Europe to positive earnings reports, as well as the commodities rally, given that mining and energy shares outperformed.

Bond yields rise

Another sign of risk-taking in Europe was the broad-based rise in global bond yields.

  • U.S. 10-year bond yield up by 0.69% to 2.390
  • French 10-year bond yield up by 2.85% to 0.794%
  • German 10-year bond yield up by 1.90% to 0.428%
  • U.K. 10-year bond yield up by 3.74% to 1.192%

Major Market Mover(s):


The comdolls (NZD, AUD, CAD) fought it out and ended up being the top-performers of today’s morning London session, thanks to recovering commodity prices and the general risk-on vibes in Europe.

In terms of ranking, the Kiwi was the top dog, with the Aussie in second place, and the Loonie in third place because of fresh Loonie sellers just before the session ended.

The Kiwi and the Aussie are already well on their way to erasing their losses from the earlier session, although both still has some distance to go before they can recover from their respective losses against the Greenback.

And the Kiwi and the Aussie had a hard time against the Greenback, thanks to signs of demand for the Greenback during the session, which market analysts attributed to the rise in U.S. bond yields.

NZD/USD was up by 17 pips (+0.25%) to 0.6901, NZD/JPY was up by 48 pips (+0.62%) to 78.60, NZD/CHF was up by 45 pips (+0.66%) to 0.6931

AUD/USD was up by 14 pips (+0.20%) to 0.7353, AUD/JPY was up by 46 pips (+0.56%) to 83.73, AUD/CHF was up by 43 pips (+0.60%) to 0.7383

USD/CAD was down by 3 pips (-0.02%) to 1.3698, EUR/CAD was down by 28 pips (-0.19%) to 1.4915, GBP/CAD was down by 26 pips (-0.15%) to 1.7696


The risk-friendly environment may have given the comdolls a good time, but such an environment was toxic for the safe-haven Swissy and yen, likely because of dampened safe-haven demand.

USD/CHF was up by 40 pips (+0.40%) to 1.0042, EUR/CHF was up by 23 pips (+0.22%) to 1.0932, GBP/CHF was up by 34 pips (+0.26%) to 1.2970

USD/JPY was up by 42 pips (+0.36%) to 113.89, GBP/JPY was up by 33 pips (+0.23%) to 147.10, EUR/JPY was up by 22 pips (+0.18%) to 123.99

Watch Out For:

  • 12:30 pm GMT: Canadian building permits (4.2% expected, -2.5% previous)
  • 2:00 pm GMT: U.S. JOLTS job openings (5.67M expected, 5.74M previous)
  • 2:00 pm GMT: U.S. final wholesale inventories (no changed from -0.1% expected)
  • 8:15 pm GMT: Dallas Fed President Robert Kaplan will speak