The week starts on a positive note for equities. Energy and basic materials gained strongly on Monday amid a continuation of last Friday’s risk-positive sentiment.
Confidence is back after the EU supported the idea of a Greek bailout which would include the IMF. The agreement helped relieve some of the pressure that accumulated in Europe over the past months.
After a choppy week, oil bounced significantly off the $80/bbl. support and is headed towards a re-test of this month’s $83.47/bbl. high.
Copper is the other big winner of the day with a firm breach of $350/lb. back near this year’s $354/lb. high.
As a result, commodity currencies recuperated much of last week’s losses. The USD/CAD reversed off the 1.0300 resistance level and is back near the 1.0200 region. The aussie rebounded strongly after failing to reach 0.9300 last week. The AUD/USD gained on a technical rebound off a 38.3% Fibonacci retracement to go back above to .9170.
Despite some gains in the Asian session, the euro lost ground against the dollar later in the day after failing to pierce through the 1.3500 psychological level. The pound followed the same pattern as the euro by bouncing off 1.5000.
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