💱🔺NOK Extends Gains, AUD Leads Commodity FX Peers: Cable FX Macro

• The Norwegian Krone extends gains from Monday ASIAPAC open as markets digest the surprise OPEC+ output cut. Several desks have revised their crude oil forecasts higher on the back of this announcement

• The AUD is playing catch up, now leads commodity FX peers, AUD is now 1.2% vs the dollar on the day. We remind you that market participants head into the RBA monetary policy decision later today, desks are seen mixed on their Cash Rate calls

• CAD and MXN are benefited to a lesser extent, both currencies trade up vs the dollar by more than 0.30% on the day