Rise in pro-cyclical currencies in Asia

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Pro-cyclical currencies, Asian currencies climb

The rebound in commodity prices and vaccine optimism lifted pro-cyclical and Asian currencies this morning. The dollar index rose 0.83% to 90.83 on Friday, but a calm day on the majors saw it drop to 90.80 in Asia.

Far more Today’s activity is on the Australian and New Zealand dollars, which had a scorching session on Friday and recorded heavy losses. The Australian dollar rose 0.60% to 0.7750, and the New Zealand dollar ignored the Auckland lockdown, rising 0.58% to 0.7274 this morning. Both have fallen over 3.0% in previous sessions, so it would be far too early to say their downward corrections are complete in a week filled with event risks. The key support for AUD / USD is 0.7700, and for NZD / USD it…

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