Archived IMT (2009.01.07)

Commodity currencies are taking a back seat after the higher than expected crude stock builds drove the Feb contract by $5 to below $45 pb. AUD and CAD are only holding well against the broadly falling USD, but prolonged gains in GBPCAD and GBPAUD and rebounding EURAUD and EURCAD highlight the selloff in commodity FX. Despite having rallied by over 900 pips, GBPCAD...Rest of content available to subscribers of Intraday Market Thoughts (not articles).