As the session gets started we can see clear outperformance from the AUD (blue) and NZD (purple). Both taking full advantage of the pop higher in commodities, especially the strong gains we saw in Copper.
The three safe-haven currencies (USD, JPY & CHF) are the clear underperformers. With the CHF (green) the weakest and the USD (yellow) not to far from the CHF. Price action in the USD is interesting right now given the flows we’ve seen in bonds this week.
For the CHF, we have Swiss CPI coming up at 06:30 GMT so make sure to keep that on your radar if you have any CHF exposures.
FX strength (4 April 2024)