Oil Back Up, Usd Back Down



Another day, another >5% swing in oil prices-this time higher overall. That helped CAD and NOK, but no more so than most other majors, as the biggest theme in FX was broad USD weakness. EUR managed to be the marginal top performer alongside DKK. At least part of that support may have come from central bank flows as the Danish Central Bank cut its deposit rate to -0.75% in defense of pressure on the EURDKK peg. That's the fourth cut this year.

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