Fierce oil bounce slams USD

The surprise RBA cut was news until the 8% rebound in oil led the way for four straight daily gains, something not seen since June. The oil rally initially triggered broad gains in the energy currencies of Canada, Norway, Sweden and Mexico, with USDCAD plummeting 250 pips or 2.4%, and even the Aussie, which collapsed by nearly 200-pips or 3% against the USD following the RBA rate cut has recovered all of its post-RBA decline. Full chart & analysis here.

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