The Oceanic currencies continue to be the darlings in FX as other Central Banks keep caving in by either lowering rates further (Fed) or flirting the possibility of it (BOC). The rise in the AUD and NZD must be contextualized in an environment conducive to 'risk on' conditions to thrive as the market has come to terms that the two most relevant tail risk in the macro space, that is, the US-China trade war, coupled with Brexit, can be both put to bed for a while. On the other side of the spectrum we find the CAD, absolutely annihilated by a surprisingly dovish outcome by the BOC as it initiates discussions to slash ... (full story)