Forex News: Commodity Currencies Rise As Crude Oil Prices Climb

Commodity Currencies Rise As Crude Oil Prices Climb

(RTTNews) - The commodity currencies such as Australia, the New Zealand and the Canadian dollars strengthened against their major currencies in the European session on Monday, as the crude oil prices surged after the hostilities between the U.S. and Iran intensified raising the possibility of a full-scale conflict and closing the Strait of Hormuz to maritime traffic. Brent crude prices surged over 2 percent above $90 a barrel for the first time since mid-June after U.S. forces struck Iran for a ninth consecutive day and Iran retaliated by firing missiles toward Jordan that risked widening the conflict into neighboring Israel.

The U.S. Benchmark West Texas Intermediate (WTI) hit values slightly above $84.00 a barrel.

Bahrain's Interior Ministry activated warning sirens and urged residents to seek shelter. Kuwait Petroleum said an Iranian strike hit one of its oil facilities.

The U.K. Maritime Trade Operations (UKMTO) agency said that a vessel was on fire off the coast of Oman.

U.S. President Donald Trump told reporters Sunday evening that the U.S. hit Iran very hard in honor of the three great patriots.

European stocks traded lower as investors weigh geopolitical tensions and brace for key tech earnings as well as the ECB rate decision.

In the European trading today, the Australian dollar rose to a 2-day high of 0.7005 against the U.S. dollar, from an early low of 0.6975. The aussie may test resistance around 0.71 region.

Against the yen, the euro and the Canadian dollar, the aussie advanced to 113.72, 1.6344 and 1.9813 from early lows of 113.36, 1.6383 and 0.9778, respectively. If the aussie extends its uptrend, it is likely to find resistance around 115.00 against the yen, 1.62 against the euro and 0.99 against the loonie.

The NZ dollar rose to more than 1-1/2-month highs of 95.19 against the yen and 1.9526 against the euro from early lows of 94.80 and 1.9581, respectively. If the kiwi extends its uptrend, it is likely to find resistance around 98.00 against the yen and 1.93 against the euro.

Against the U.S. and the Australian dollars, the kiwi advanced to a 5-day high of 0.5864 and nearly a 4-month high of 1.1937 from early lows of 0.5836 and 1.1963, respectively. The kiwi is likely to find resistance around 0.59 against the greenback and 1.17 against the aussie.

The Canadian dollar rose to more than a 1-month high of 1.4003 against the U.S. dollar, from an early low of 1.4021. The loonie is likely to find resistance around the 1.38 region.

Against the yen and the euro, the loonie advanced to 115.99 and 1.6015 from early lows of 115.84 and 1.6041, respectively. If the loonie extends its uptrend, it is likely to find resistance around 117.00 against the yen and 1.59 against the euro.

Looking ahead, Canada CPI data for June and U.S. Consumer Board's leading index for June are slated for release in the New York session.

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