Commodity-linked currencies moved lower versus safe haven rivals during light Monday trade after the latest OPEC deal failed to assuage nervous jitters. The agreement among the oil producing nations was to cut output in an effort to boost slumping oil prices, but worries about the fall in global demand as a result of the Coronavirus was not enough to improve sentiment. Restrictions on movement, with a number of quarantine and shelter in place orders have negatively impacted the global economy. As a result, currencies such as the New Zealand and Australian Dollars, as well as their Canadian counterpart, slipped against the Japanese Yen and the US Dollar.
As of 11:25 am in London, the AUD/USD was trading lower at $0.6336, down 0.2173%; the pair has ranged from a low of $0.63251 to a peak of $0.63630. The NZD/USD was also lower at $0.6063, a loss of 0.2008% and off the session trough of $0.60585. The USD/CAD was higher at C$1.3983, up 0.18% and moving off the session peak of C$1.39188. The AUD/JPY was trading at 64.889 Yen, down 0.5939% while the NZD/JPY was trading at 65.521 Yen, a loss of 0.5888%.
Johnson's Release Helps Sterling
While financial markets are closed in London for Easter Monday, FX traders breathed a sigh of relief after the Prime Minister was released from hospital over the weekend after contracting the Coronavirus. Boris Johnson's health had been closely scrutinized after he was placed in the intensive care unit, where he remained for several days before finally being discharged. His release helped to boost the Pound Sterling against its European rival; the EUR/GBP was trading at 0.8736 Pence, down 0.4886%, off the session trough which was recorded at 0.87310 Pence.