While US equities showed signs of stability on Monday, closing marginally higher on the day, hard assets such as base metals continue to lose ground. Nickel, tin and lead followed copper’s bearish move from Friday through the October lows and this is likely to keep commodity currencies subdued. AUD in particular is seeing near-term selling interest, with further weakening expected against USD and EUR. A key bearish day in AUD/NZD also points to a respite from the October up-move.
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Barclays Capital