Commodity currencies take a step back

Commodity-related currencies have not performed well so far today even as the US dollar index is only slightly changed. Major weakness came after RBA’s governor Philip Lowe signalled that a rate cut is on the table if the labour market conditions deteriorate. As a result, the Aussie is falling against the US dollar as much as 1.4% at the time of writing. Other commodity-related currencies are also on the back foot: NZD is losing 0.6%, CAD is falling 0.5% while NOK is going down 0.3%. Note that NZ traders should keep a close eye on a milk auction this afternoon which could shake the NZ dollar too.
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